eBay Considers Launching Cryptocurrency Payment Option

May 4, 2021

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World’s largest e-commerce eBay is looking into tapping into the cryptocurrency ecosystem. Jamie Iannone, eBay’s CEO, made this revelation in an interview with CNBC. According to Iannone, the multinational e-commerce corporation is exploring ways in which it can include cryptocurrency payments option and non-fungible tokens sales into the site.

Cryptocurrencies are continuing to establish their presence in finance. Many big companies have integrated digital coins into their payment options. eBay is about to bring this feature to over 190 markets and over 187 million active users using it.

eBay is interested in the Most Relevant Forms of Payment

Iannone stated that the world’s largest e-commerce is always on the hunt for the most relevant forms of payment. Cryptocurrencies seem to have made it into the category and eBay is looking into potentially adding it.

Apart from cryptocurrency payments option, Iannone also revealed that eBay is exploring the prospect of incorporating NFT sales on its platform. The multinational e-commerce corporation is still researching an “easy way” to integrate NFTs.

NFTs and Bitcoin Are Already on eBay on an Unofficial Capacity

NFTs and cryptocurrencies especially Bitcoin had already established a presence on eBay. However, these digital assets were being listed by users in an unofficial and unregulated capacity. The official inclusion of NFT will entail eBay creating an official NFT marketplace.

In May 2019, an advertisement at a Consensus conference sparked rumors that eBay had dived into cryptocurrency. However, the e-commerce spokesperson was quick to dismiss the allegations. eBay declared then that it neither accepted cryptocurrency as a form of payment nor was it part of its payments strategy. The world’s largest e-commerce seems to be changing its mind.

It is uncertain whether the world’s largest e-commerce eBay has started working on incorporating crypto payments and NFT sales yet. To launch these two features, eBay will first have to work on additional engineering for its backend. Thus, the launch may take a while.

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