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Wednesday, Jun 16, 2021

EBay is open to accepting cryptocurrencies and selling NFTs

EBay is open to accepting cryptocurrencies and selling NFTs

The surge of cryptocurrencies and the emergence of NFTs is something eBay is keeping an eye on, its CEO said on Monday.
EBay Inc is open to the possibility of accepting cryptocurrency as a form of payment in the future and is looking at ways to get non-fungible tokens (NFTs) on its platform, the e-commerce company said on Monday.

A growing number of companies have begun to accept virtual currencies as a form of payment, taking an asset class that had been shunned by major financial institutions a few years ago a step closer to becoming mainstream.

Tesla is already accepting Bitcoin as payment for its electric cars, while payments giant PayPal last year started allowing customers to buy, sell and hold cryptocurrencies using its online wallets.

"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," eBay said in a statement to Reuters.

In an interview with business news channel CNBC, Chief Executive Officer Jamie Iannone said that accepting virtual currency was an option the company was looking at.

EBay, which disappointed investors with a weak second-quarter profit forecast last week, said it was looking at a "number of ways" to get into the NFT space.

NFTs - a type of digital asset that exists on a blockchain - have exploded in popularity this year, with NFT artworks selling for millions of dollars and musicians such as the Kings of Leon rock group embracing them for their latest album.

"We're exploring opportunities on how we can enable it [NFTs] on eBay in an easy way," Iannone said on CNBC.

"Everything that's collectible has been on eBay for decades and will continue to be for the next few decades".
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