eBay Could Soon Accept Cryptos for Payments

As eBay moves toward a wider customer base, it’s currently looking into accepting cryptocurrency as a means of payment.

eBay could make an official announcement on its upcoming investor day on March 10, says the firm’s CEO Jamie Iannone. “We’re not accepting crypto currently. But on March 10, we’re going to go deeper on all of these things, payments, advertising, our focus categories,” he said to The Street.

The giant eCommerce is always looking for new payment methods. eBay recently accepted Google Pay and Apple Pay, as well the BNPL option Afterpay in Australia “that appeals to Gen Z.”

In May 2021, eBay announced it would join the growing NFT market. Perhaps the most eye-catching element of eBay’s venture into NFTs is that it only accepts fiat currency – predominantly through PayPal or credit card. While certain NFT marketplaces do accept local currencies, the vast majority only allow payments in cryptocurrencies such as Ethereum and Binance Coin. eBay currently has a limited list of categories for NFT sales. While there are plans to expand this list, for now users will only be able to choose between a tightly curated selection of assets.

But, adding cryptocurrencies as a payment method could bring eBay to the next level.

The past year has seen a number of companies embrace cryptocurrency as a means of payment on the back of user demand. So, maybe it would be a wise decision to follow the steps of other big Companies. Tesla Inc is the perfect example to be followed.