EBay says open to accepting to cryptocurrencies in future

Platform Industry: Ebay app and online marketplaces

EBay Inc is open to the possibility of accepting cryptocurrency as a form of payment in the future and is looking at ways to get non-fungible tokens (NFTs) on its platform, the company said on Monday.

A growing number of companies have begun to accept virtual currencies as a form of payment, taking an asset class that had been shunned by major financial institutions a few years ago, a step closer to becoming mainstream.

Tesla Inc is already accepting bitcoin as payment for its electric cars, while payments giant PayPal last year started allowing customers to buy, sell and hold cryptocurrencies using its online wallets.

“We are always looking at the most relevant forms of payment and will continue to assess that going forward. We have no immediate plans, but it (cryptocurrency) is something we are keeping an eye on,” eBay said in a statement to journalists at our partner news agency Reuters.

Related Article:
German regulator warns Binance over stock tokens

In an interview with CNBC, CEO Jamie Iannone said that accepting virtual currency was an option the company was looking at.

EBay, which disappointed investors with a weak second-quarter profit forecast last week, said it was looking at a “number of ways” to get into the NFT space.

NFTs, a type of digital asset that exists on a blockchain, have exploded in popularity this year, with NFT artworks selling for millions of dollars and musicians such as the Kings of Leon rock group embracing them for their latest album.

“We’re exploring opportunities on how we can enable it (NFTs) on eBay in an easy way,” Iannone said on CNBC.

“Everything that’s collectible has been on eBay for decades and will continue to be for the next few decades.”

The team at Platform Executive hope you have enjoyed this news article. Automatic translation from English to a growing list of languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Uday Sampath and Akanksha Rana in Bengaluru. Editing by Amy Caren Daniel.

Related Article:
Bitcoin, ethereum see strong inflows in latest week

You can stay on top of all the latest developments across the platform economy, find solutions to your key challenges and gain access to our problem-solving toolkit, proprietary databases and content sets by becoming a premium member of our growing community. For a limited time, subscription plans start from just $7 per month.

Share This Post