According to company CEO Jamie Iannone, eBay will soon add cryptocurrency payment options, so let's learn more today in our latest cryptocurrency news.
Major e-commerce marketplace eBay will soon integrate cryptocurrency payments, according to Jamie Iannone, the company's chief executive. The Internet marketplace is one of the oldest e-commerce platforms and is looking to become the platform of choice for users. The CEO said that the company is looking to integrate cryptocurrency payment options for some time and can make a formal announcement during the upcoming Investor Day on March 10.
Iannone revealed that the e-commerce giant will be transitioning to a new payment model as they have gone straight beyond justifying $85 billion in transaction volume on the platform. Speaking about eBay's stance on emerging technologies such as cryptocurrency and blockchain, Iannone noted the popularity of NFT for transactions on the platform and made any official announcements.
As Iannone said, eBay will add cryptocurrency payments as the company has changed its policy to make the platform a place to buy and sell any physical or digital goods. The increased popularity and demand for cryptocurrencies has led some online platforms to add cryptocurrency payment options, and eBay will now focus on attracting Generation Z and millennial customers. However, this will not be the company's first attempt at cryptocurrency payments, as it already experimented with BTC payments in 2014.
Jamie Iannone, Chief Executive Officer, eBay / Source: eBay Inc
eBay is also exploring BTC payments integration in 2021, when it also begins to dip its toe into the NFT space. As cryptocurrencies become more mainstream and accepted by the masses, payment integration plans appear to be nearing completion.
As recently reported, everyday auction house eBay has ventured into the world of NFT as they are the first traditional e-commerce company to announce their intention to integrate NFT support on their platform. In a statement, Jordan Sweetnam, senior vice president and general manager of North American markets at eBay, said that over the next few months, eBay will add more features to bring blockchain-powered collectibles to the platform. With each initial entry on the platform, eBay is expected to add an NFT stock that will be available to sellers who meet the company's yet-to-be-released initial criteria. There is widespread speculation that an NFT authentication protocol could be implemented.