Cryptocurrencies have gained massive adoption over the past few years, and the trajectory seems to be further growth. E-commerce platform eBay could be the latest to adopt cryptocurrencies. The CEO says the company is looking to add them as payment options.
eBay is exploring Crypto for payments
Leading e-commerce platform, eBay could add cryptocurrency payment options on its platform. The company’s chief executive officer (CEO) revealed this during an interview with CNBC earlier today.
eBay’s Chief Executive Officer Jamie Lannone said cryptocurrency payment options are becoming popular, and the company could soon consider adding them. Bitcoin and other cryptocurrencies have gained massive adoption over the past few years, with several retail outlets allowing people to pay for goods and services with them. In the last few months, leading companies such as Tesla and TIME magazine have made it possible for their clients to pay for services using cryptocurrencies. If eBay adopts the cryptocurrency payment option, it will join other major companies, including Twitch, Pizza Hut, Overstock, and AT&T in providing such options.
The adoption of cryptocurrencies goes beyond companies accepting them. In the past year, an increasing number of financial institutions have accepted cryptocurrencies. This helped their clients gain exposure to Bitcoin and other crypto-assets. In fact, Goldman Sachs, JPMorgan Chase, BNY Mellon, and Morgan Stanley are some of the leading banks to provide their clients with access to cryptocurrencies. Furthermore, fintech platforms such as PayPal and Venmo now allow their users to buy, sell, and store a wide range of cryptocurrencies.
eBay could also enter the NFT space
Another area of blockchain technology that has gained popularity is Non-Fungible Tokens (NFTs). NFTs provide blockchain-backed “proof of ownership” on items like art. The technology ensures that the owner has a unique way of claiming ownership and collecting compensation for their digital works. Indeed, the NFT market has seen an influx of celebrities and media companies. The trend is expected to continue thanks to the unique nature of the sector.
Lannone revealed that eBay is also exploring ways to get into the NFT business. At the moment, the company hasn’t provided adequate details on how to achieve this. However, the plans could become clearer once they are ready.