Ebay is diving into crypto, by possibly accepting digital currency payments. This rumour started circulating after photos were leaked of the on-going consensus’ marketing ads that read; “Virtual Currency. It is happening on eBay” Is this actually happening or is it just a rumour? If this is a fact, it could result in mainstream cryptocurrency adoption; powered by one of the largest market places in the world.
eBay and crypto
It seems this would not be the first time that eBay has considered partnering with blockchain, as they have had their eye on Bitcoin for a while. Moreover, on top of expressing their interest in blockain, BTC in particular in December 2017; similar rumours also circulated about eBay accepting BTC as it hit its $20,000 peak. However, its payment system Paypal declines BTC.
The CFO of PayPal made it public knowledge that, due to the increased volatility of the markets, starting to use Bitcoin transactions is a big mistake as it is too soon into the volatility increase. Furthermore, he went on to say that their management team is more enthusiastic about Blockchain as a whole rather than Bitcoin. Take a look at our Blockchain article here.
But Crypto already exists on eBay
Could we be jumping into conclusions? Doesn’t “virtual currency” already exist on eBay? The leaked pictures could have misled everyone into thinking that this was something new; when in fact they could have been referring to ‘virtual currency’ category featured on eBay, that allows users to trade their crypto against fiat on the platform anonymously. Nevertheless, it is not advisable to go on eBay to buy failed ICO’s. Have a look at some profitable ICOs here.
Might eBay go into crypto entirely?
eBay already has several kinds of crypto-related goods available for their users; goods such as mining hardware, several random products with a Bitcoin logos on them, as well as the virtual currency option itself, offering peer to peer buying and selling of crypto. Nevertheless, seeing as eBay is a sponsor of the largest crypto event, Consensus; it would make sense for the platform to make the big move, and start accepting crypto payments.
Moreover, eBay could be hinting on their crypto goals more than we think; with their executive Sanja Kon joining UTRUST, the crypto payment start-up could be an indication of future crypto plans. That being said, their senior vice president also expressed in December, how the company was working towards crypto payments. UTRUST supports Bitcoin, Ripple, Litecoin and many other coins, while developing their own token, which can be easily accepted as a form of payment.
eBay watching and learning from competitors accepting crypto
The former Amazon competitor, Overstock.com, was the first large retail company from the US to adopt Bitcoin. Not only did Overstock accept Bitcoin but, with Bitsy’s assistance, they were able to offer their users the option to buy Bitcoin directly from their website.
We can all see that the crypto world is gradually developing; however, it is still challenging for companies to accept bitcoin, due to its uncertainty and volatility. And whether we like it or not there has always been a challenge to persuade large mainstream companies to support blockchain and accept crypto as a form of payment. Nevertheless, the blockchain world is gradually moving towards success as far as adoption is concerned. Until this rumour is confirmed, here’s to hoping eBay accepts crypto payments!