E-commerce giant eBay might be jumping into cryptocurrency payments soon. Will the integration mean bad news for its competition?
- eBay CEO Hints At Crypto Payments
- Other Shopping Giants Tapping Into Crypto
Bitcoin has been holding the line above $33,000 after a strong bounce off the lows following the onset of the Russia-Ukraine clash. As Bitcoin and crypto markets continue to show resiliency in the face of uncertainty, the asset class’s growing strength is opening the eyes and ears of citizens, corporations, and countries alike. E-commerce giant eBay looks to be the latest company ready to hop on board.
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eBay CEO Hints At Crypto Payments
In a recently-conducted interview with TheStreet, eBay CEO Jamie Iannone had some bullish remarks about the crypto and NFT market.
“We’re just completing our transition to manage payments where we’re now managing $85 billion of volume on our platform directly. This gives us the ability to open up new forms of payment.
We opened up Google Pay and Apple Pay. We have a partnership with Afterpay in Australia, which is a platform that appeals to Gen Z, and that is a buy now pay later platform on the marketplace…
And so we continue to evaluate other forms of payments that we should take on the platform. We don’t currently accept cryptocurrency on the platform.”
However, that could be set to change as the CEO considers the company’s target market.
“On March 10, we’re going to go deeper on all of these things: payments, advertising, our focus categories.”
Last year in May 2021, eBay changed its policy to allow for NFT sales on its platform without any sort of announcement. Now that NFT trading is blooming on the platform, Iannone says that it reminds him of the time when eBay “decentralized” car selling.
“So even without announcing anything or doing anything, people started trading NFT on a platform.
It reminded me of many years ago when people just started selling cars when we didn’t even have a vehicle business at that point. So we’re seeing the same type of thing [with NFTs].
…eBay will be the place where people trade goods, whether they be physical or digital. So over time, you know, we want this to be the marketplace for sustainability.”
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Other Shopping Giants Tapping Into Crypto
It’s not just eBay that’s trying to bring crypto to e-commerce. Shopping.io is another big e-commerce player that officially integrated crypto payments on its platform back in November 2020. Just a little over a year later, Shopping.io now supports over 200 different cryptocurrencies to shop online with — including VeChain.
Shopify is another major e-commerce platform that supports crypto and NFTs. Shopify is not its own store, but rather, it allows users to create and manage their own stores. If you’ve seen those product ads floating around on social media platforms like Facebook, there’s a good chance that it’s a Shopify store. The fact that the commerce provider allows for crypto integration is a big deal for its 2.1 million daily active users.
The top dog shopping retailer Walmart has made a splash in the crypto waters in recent months as asset class grows in popularity. In August 2021, Walmart posted a job listing for a crypto lead to integrate Bitcoin payments. In January of this year, the shopping giant teased at its pending NFT trademark applications.
Now, other top dogs like Amazon have yet to announce any sort of official crypto integration. Still, we learned back in December 2021 that Amazon was planning to integrate NFTs with its Wax blockchain partnership. The question still remains, however, as to when we can spend crypto for products, but with the completion heating up between eBay, Walmart, and others, a crypto integration on Amazon seems all but inevitable.