eBay considering cryptocurrency payment option and sale of NFTs

eBay considering cryptocurrency payment option and sale of NFTs

American multinational e-commerce giant- eBay has reportedly hinted at the possibility of accepting payments in the form of cryptocurrencies like Bitcoin on its website. With nearly 190 million global users, eBay has been known for its online auctions, however, it has diversified considerably in the past few years to become a straightforward e-commerce platform, with sellers and SMBs establishing dedicated online shops on the website.

Following many leading platforms announcing the acceptance of digital assets as a payment form, the company was reportedly quoted stating that it has no immediate plans, although the acceptance of crypto is in the pipeline.

Notably, in the first half of 2021, former eBay partner- PayPal initiated plans to allow shoppers across the US to use cryptocurrency to make payments for their purchases. The customers will be allowed to convert their litecoin or bitcoin cash for their PayPal digital wallets and change them into fiat currencies, allowing them to pay at the checkout.

Along similar lines, leading online payment company- Visa suggested that it will allow its customers to send and receive funds through USD coin cryptocurrency, and Elon Musk-led Tesla also announced that it will accept bitcoin payment for its automobiles- however it will hold the bitcoin instead of converting it into fiat currency.

Seemingly, eBay has also suggested that it will focus on adding sales of non-fungible tokens or NFTs on its platform. This will allow buyers to own a digital piece of content that ensures protection, security and offers legitimacy of ownership.

According to a statement by Jamie Iannone, CEO of eBay, the company is working in ways to include NFTs on its platform in a simplified manner. Everything collectible is and will continue to be available on eBay for times to come. 

Source Credit: https://www.techradar.com/in/news/ebay-could-soon-accept-cryptocurrency-payments