eBay Considering Crypto Payments and NFT Auctions

eBay is edging further into the crypto space, with reports the popular online seller is exploring its crypto payment options.

According to Coin Telegraph, CEO Jamie Iannone told CNBC that the company will “continue to look” at its payment process. It is also “exploring opportunities” to facilitate trading of non-fungible tokens (NFTs) on the platform.

eBay keen to stay ahead of crypto trends

The company has made it clear that it’s determined to keep up with global buying trends.

With most trends showing up on eBay sooner rather than later, the CEO insists that parts of NFTs are “already transacting” on the platform. However, this is only happening in a sporadic way.

Mr Iannone wants trading to happen in an “easy way”, so people can buy digital NFT artworks via auctions in a similar way to buying collectibles.

Some users are also able to trade Bitcoin, but routine cryptocurrency buying and selling is still a complex procedure, and needs to be simplified for widespread use.

Major companies already offering crypto options

eBay doesn’t want to be left behind. Yet it’s not moving particularly fast to clinch the crypto deal.

The multi-billion-dollar e-commerce site was making positive noises back in 2017, when it told Yahoo Finance that it was “seriously considering” integrating Bitcoin as a regular payment option.

In the meantime, PayPal—eBay’s official payment partner—launched its own crypto trading in late 2020. This year it also introduced a crypto checkout service for merchants.

Elon Musk’s electric car company Tesla, and software giant Microsoft already accept cryptocurrencies like Bitcoin and Ethereum as payment options for their products and services.

Can such a major player avoid a foray into crypto payments?

eBay is a multi-national corporation with around 187 million active buyers, as of 2021’s first quarter.

Based in San Jose, California, it now operates in more than 100 countries around the world.

With such a customer base, will eBay be able to avoid the crypto party? Time will tell!

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