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.
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.
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.