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eBay will adopt cryptocurrency soon

One of the pioneers and most prominent online auction buy and sell websites will soon join the cryptocurrency ecosystem.

eBay is welcoming to the opportunity of acquiring cryptocurrency as a mode of payment shortly. The firm is looking at plans to get non-fungible tokens (NFTs) on its platform, the firm said on Monday.

An expanding number of corporations and even small businesses have started to take virtual currencies as a payment method; utilizing an asset class ignored by major financial institutions a few years ago, a step closer to maturing mainstream.

Tesla Inc has already included in bitcoin as payment for its electric cars. In distinction, payments giant PayPal last year began allowing customers to buy, sell and hold cryptocurrencies using its online wallets. Financial giants such as VISA and Mastercard have joined the club as well.

ebay cryptocurrency

eBay announced,

“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.”

In a conversation with one of the news networks, Chief Executive Officer Jamie Iannone announced accepting virtual currency was a possibility the firm was looking at.

eBay, which frustrated investors with a weak second-quarter profit forecast last week, stated it looked at a “number of ways” to enter the NFT space.

NFTs, a digital asset that exists on a blockchain, went viral in popularity this year. NFT artworks trading for millions of dollars and musicians such as the Kings of Leon rock group adopting 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.”

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