In a presentation at an event – Investors Day – of the online sales platform eBay, the company is said to have flashed a slide tagged “Digital Wallet.” According to a Coindesk report, this revelation is believed to be in preparation for the firm’s integration of cryptocurrency forms of payment on the online shop platform.
eBay, as well as a number of online sales platforms, are yet to accept crypto as a medium of exchange. However, it is projected that if any of them stirs the waters first as to receiving payment through cryptocurrency, others are likely to follow suit too.
Earlier in this year, the CEO of eBay, Jamie Iannone in a report had hinted to the media that the firm is considering the acceptance of crypto for payment of commodities and is currently studying the virtual assets to ensure proper structures are put in place to integrate it into its system.
He further said, “we’re just completing our transition to manage payments where we’re now managing $85 billion of volume on our platform directly,” adding that this gives the firm the leverage to explore the opportunities embedded in receiving crypto as exchange, for the sake of Millennials and Gen-Z, who are key players in the virtual asset’s world.
While the online market does not receive payment in Bitcoin (BTC) yet, it, however, has allowed for the sales of Non-Fungible Tokens (NFTs) on its platform. The CEO affirmed this by saying, “We did change our policies last year so that you could trade NFT”, adding that he also has noticed that the buyers of digital collectibles have been meeting with their sellers on eBay, increasing the saleS value of the digital asset.
According to a report published on Cryptomarketsbeat, NFTs achieved an all-time high sale in 2021, accounting for a total value of $17 billion in sales in the year.
While the exact time as to when eBay will start using crypto as an exchange is unknown, the CEO however has said that they are still looking at new mediums of payments to add to their online platform, noting further that they’ve “got the rollout of global payments complete.”