EBay Open to Accepting Cryptocurrencies

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  • EBay is open to accepting cryptocurrencies on the site according to its CEO
  • The company is also looking at the NFT space, which would complement its existing auction format
  • EBay would be breaking with a 26-year tradition if it allowed NFTs to be the first digital asset on the platform

EBay is “keeping an eye on” cryptocurrencies and may be open to accepting them in the future, according to CEO Jamie Iannone. In an interview with CNBC yesterday, Iannone said that the company was always looking at new payment options that chimed with user demand, and also announced an interest in hosting NFTs on the site, which could become the first digital asset class on the platform.

EBay Still a Crypto Holy Grail

EBay is seen as one of the adoption holy grails by cryptocurrency enthusiasts, alongside Apple and Amazon, with acceptance on the platform being seen as a huge step forward in mainstream adoption. While Iannone stopped short of announcing definite acceptance of cryptocurrencies, or indeed which ones would be utilized on the platform, he did say that it was something the company was looking at, a statement that was later confirmed to Reuters:

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.

NFTs Would Represent a Break With Tradition

More definite was eBay’s entry into the burgeoning NFT market, with Iannone saying that NFTs are a natural fit for a platform that has so far only dealt in physical goods rather than digital:

We’re exploring opportunities on how we can enable it (NFTs) on eBay in an easy way. Everything that’s collectible has been on eBay for decades and will continue to be for the next few decades.

NFTs were thought by many to be just another crypto fad, but with interest from celebrities who have utilized them both for their own ends and to raise money for charity and now eBay looking to break with a 26-year tradition and allow them to be the first digital asset on the site, perhaps the doomsayers are wrong.