E-commerce giant eBay may consider accepting cryptocurrency payments
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Summary:
Summary:
eBay CEO Jamie Iannone said in a phone interview that eBay wants to be a marketplace for Gen Z and millennials.
At present, almost none of the mainstream e-commerce platforms accept digital currency as a means of payment. The first supported platform will be a hot topic in the crypto space.
E-commerce giant eBay, which aims to be a marketplace for Gen Z and millennials, is investigating the possibility of adding cryptocurrencies as a means of payment. eBay CEO Jamie Iannone told TheStreet that the company will likely make an announcement during its investor day on March 10.
Jamie Iannone said, "We just completed the transition to managed payments, and now we manage $85 billion in transaction volume directly on the platform. This gives us the ability to open up new payment methods. We opened up Google Pay and Apple Pay payment methods. We have a partnership with Afterpay in Australia, a platform that appeals to Gen Z and a 'buy now pay later' platform in the market. As such, we continue to evaluate other forms of payment that should be available on the platform. Our platform is currently Cryptocurrencies are not accepted."
Iannone insists that Gen Z is a priority for his platform. For example, he cites the different initiatives eBay is taking to appeal to today's and future generations of consumers. eBay is particularly focused on deals related to sneakers, one of its growth categories.
In terms of sneakers, Iannone said, “We’re bringing in a younger generation who come here to sell their sneakers, become collectors on the platform, and they’re building new marketing capabilities.”
TheStreet asked again, "Does this mean that eBay will add digital currencies such as Bitcoin and Ethereum to the payment method?"
Iannone replied that eBay does not currently accept cryptocurrencies, but "on March 10th we will be discussing all of these in more depth, including payments, advertising, and the categories we are focusing on."
He added that he observed NFT-related transactions taking place on eBay without the company making any specific announcements.
“We did change the policy last year so that you can trade NFTs on the platform. Actually, you know, eBay is a place where people can display something and sell it.”
He continued, “So, even without announcing anything or doing anything, people are starting to trade NFTs on a platform. It reminds me a lot of years ago, when people were just starting to sell cars, when we didn’t even have a car business. So we’re seeing the same type of thing happen with (NFTs).”
He concluded by saying, "eBay is going to be a place where people trade things, whether it's physical or digital. So over time, we want it to be a sustainable marketplace."
