eBay Is Rumored to Start Accepting Crypto Payments

News
Mon, 05/13/2019 - 06:28
Alex Dovbnya
⏳eBay, after seriously considering to add Bitcoin in December 2017, is yet to embrace the newfangled digital currency
Cover image via www.123rf.com
Contents

eBay, the US-based e-commerce behemoth, is rumored to make a foray into crypto after its Consensus ads recently leaked online. If eBay does open arms for crypto payments, it could be a boon for adoption.

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Will eBay venture into crypto?   

You can find all types of crypto-related goods on eBay - from random items with the Bitcoin logo to mining hardware and the actual ‘Virtual currency’ section whether you can buy/sell crypto p2p.

However, the fact that eBay is a sponsor of Consensus, the biggest event in the crypto industry makes many believe that it could eventually make such a significant step as accepting crypto payments.

One should also keep in mind that eBay executive Sanja Kon joined crypto payment startup UTRUST last year, which could also be indicative of eBay’s crypto ambitions.   

Back in December, eBay’s senior vice president Scott Cutler revealed that the company was considering cryptocurrencies as an additional payment option, but they weren’t quite there yet.  

Related
Visa Payments to Be Dropped, Big US Retail Chain May Adopt BTC Lightning Network Instead

Taking notes from other retailers   

Meanwhile, Overstock.com, the one-time Amazon competitor, was the first major retail company in the US to jump on the Bitcoin trend. Apart from accepting Bitcoin, Overstock also allowed its customers to purchase Bitcoin directly from their website with the help of Bitsy.  

Even though the crypto space is gradually maturing, it is still quite challenging for retailers to accept Bitcoin. For instance, online gaming marketplace Steam dropped Bitcoin in December 2017 due to ‘high fees and volatility.’

As reported by U.Today, PayPal continues to work on Blockchain and cryptocurrencies, but Bitcoin is not a big focus’ for them as of now.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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