EBay Could Soon Integrate Crypto Payments on its Platform, Hints CEO

EBay, one of the world's largest online marketplaces, is set to integrate crypto payments on the platform

  • Mar 02, 2022
  • 3 Mins
  • 19
  • Updated : Mar 03, 2022

eBay, the world's largest e-commerce company, is considering integrating cryptocurrency payments. CEO Jamie Iannone recently stated in an interview that the company may take a jump very soon. eBay is primarily interested in capturing the GenZ and millennial audiences.

Appealing to the Younger Generation

eBay is amongst the most well-known e-commerce companies. It was established in 1995. Iannone told The Street in an exclusive interview that the much-anticipated crypto integration platform's formal confirmation likely happen during the forthcoming investor's day on March 10. The marketplace, as per the executive, aspires to become a destination for Gen-Z and millennials.

Jamie Iannone, the company's CEO, spoke with the media source about the company's plans to integrate Bitcoin as payment onto its platform. In this regard, eBay may make an official statement on March 10 during their forthcoming "investor day." 

The executive said that the company is going through its transition process of payment management and while doing so approximately $85 billion is dealt with directly by the platform. This volume has allowed us to consider other options of payment and adopt these new alternatives. Google Pay and Apple Pay are already being used by consumers. A platform in Australia called the “Afterpay” has been successful in attracting Gen Z. eBay has developed a partnership with the platform successfully. Additionally, the said platform is a “Buy now, pay later” kind of platform being used by individuals in the marketplace. 

eBay has so far made Google Pay and Apple Pay available on its platform. This has forged a connection with an Australian fintech firm, Afterpay, "which is a network that attracts the Gen Z," according to Iannone, who also suggested now would be advisable to reassess other payment options. In addition, the founder stated that he is eager to pursue new opportunities.

Furthermore, he said that at present cryptocurrency payments are not accepted. Payments and advertisements will be focused upon on the tenth day of March this year. 

Integrating with eBay could represent a significant expansion in terms of adoption for cryptocurrencies. The platform has an estimate of 187 million users worldwide, a metric that has seen steady growth since 2010.

Big Bets on NFTs

eBay considered adopting Bitcoin (BTC) as a means of payment to their online storefront in 2014. Six years later, Iannone stated that the e-commerce behemoth was not in a rush to adopt new payment methods, such as bitcoin, but that it needed to learn more.

Although eBay has yet to implement the crypto payment option, it made significant investments in the developing NFT industry in May of last year. According to CryptoPotato, the company has made non-fungible tokens (NFTs) available for purchase on its marketplace. NFTs could only be listed and sold by whitelisted merchants.

eBay isn't the only well-known site that has worked with cutting-edge technology like NFTs and blockchain. Last year, online payment operator PayPal and Chinese e-commerce giant entered the NFT market.

According to The Street, eBay is aiming to recruit young millennial clients, and several evaluations demonstrate that cryptocurrencies are the preferred approach to do so. eBay had ignored digital currencies until recently, but last year, it revealed that customers will be able to purchase and trade NFTs on its site.

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Dawar is one of our Freelance Associates at WWCrypto, Dawar is tasked with writing high quality content on a regular basis for us. Dawar joined us in January 2022.


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