eBay to adopt crypto payment option

Leading e-commerce platform eBay could add a cryptocurrency payment option and is exploring ways to enter the NFT business

Cryptocurrencies have gained huge adoption over the past year, with leading companies such as Tesla and TIME magazine accepting cryptos as payment for their goods and services. Popular e-commerce platform eBay could soon join the list as the CEO revealed that they are considering adding crypto payment options.

In an interview with CNBC yesterday, eBay Chief Executive Officer Jamie Lannone said accepting cryptocurrencies as a payment option the company is currently looking at. The move would allow eBay customers to pay for goods on the platform using Bitcoin and a few other cryptocurrencies.

In a statement to Reuters, eBay, said “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 [cryptocurrency] is something we are keeping an eye on.”

The e-commerce company is yet to decide whether it will adopt the payment option or when it intends to do so. eBay’s focus is on nonfungible tokens (NFTs). They have become popular in the arts and entertainment world in recent months, with several companies entering the market.

eBay’s CEO said they are vigorously exploring ways to enter the NFT business since they have always been committed to collectibles. He told CNBC that “We’re exploring opportunities on how we can enable [NFTs] on eBay in an easy way. Everything that’s collectible has been on eBay for decades and will continue to be for the next few decades.”

NFTs have attracted a lot of attention, with popular figures in sports, music, film, and the art world launching and selling their collections. Some media companies such as TIME magazine, Forbes, and Christie’s auction house have dabbled in NFTs in recent months.