eBay Could Soon Accept Payments in Bitcoin, Ethereum, and Dogecoin – According to recent reports, multinational eCommerce giant eBay Inc is contemplating accepting cryptocurrency as a method cost. The company’s CEO, Jamie Lannone, revealed in a recent interview that they would make an announcement during the investors’ day on March 10th. eBay does not accept crypto payments right now.
But, the CEO claimed that the company would go deeper into matters concerning payments, advertisements, and the company’s priority categories on March 10th. This move is motivated by the fact that Cryptocurrencies like Bitcoin have become trendy. Moreover, the emergence of trading platforms have made it easy for the public to trade Bitcoin. If you are in the United Kingdom, check out the best Bitcoin trading platform in UK to enjoy unmatched crypto trading services. Therefore, eBay hopes to make its platform the most preferable by accepting cryptocurrency.
The Cryptocurrencies that eBay is planning to accept on their platform include Bitcoin, Ethereum, and Dogecoin. Lannone also stated that eBay had changed its policies last year to allow trading of the non-fungible token (NFT) on its platform. He also revealed that people started trading NFT on eBay even without any announcement or the company doing anything.
As a result, Lennone claimed that this development reminded him of previous years when people started selling cars when the platform did not have a vehicle business at the time. The eBay boss stated that they experienced the same thing with NFT.
The eCommerce platform joins a long list of companies that accept cryptocurrency payments. Some of the notable companies include PayPal, Rakuten, and Microsoft. Others include Tesla Inc., which accepts DOGE as payment for products on its website. On the other hand, AMC Entertainment Holdings Inc. accepts BTC, ETH, Litecoin, and Bitcoin money. The company also plans to add DOGE and Shiba inus come March.
eBay’s Current Virtual Currency Policy
At the moment, eBay does not allow listings for virtual currency. Moreover, the platform prohibits the sale of virtual currency. So what is the company policy?
First, the company does not accept any virtual currency or virtual currency mining contracts. Besides that, the platform does not allow virtual currency paper wallets.
On the other hand, the platform allows certain things as long as the item does not include virtual currency. For instance, it allows virtual currency mining hardware and virtual currency hardware wallets. Besides that, it also allows collectible physical coins compliant with the company’s Collectible currency policy.
Any activities in violation of the company policy would result in a range of actions. For instance, the company could administratively end or cancel listings, hide or demote all listings from search results, and lowering the seller’s rating. Additionally, the company will also enact buying or selling restrictions or even account suspension.
The Gen-Z and Millennials Factor
The primary users of eCommerce platforms are Gen-Z and millennials. As a result, any eCommerce platform that wants to remain competitive must factor in this group of users. As a result, introducing Cryptocurrencies is one of the ways to attract this generation of users. Studies have revealed that millennials are the most crypto-friendly demographic, which could explain why eBay is considering venturing into the crypto-verse.
This will not be the first time eBay has tried to integrate cryptos. The company first tried to integrate Bitcoin in 2014. In 2021, there were rumors that eBay was exploring Bitcoin payment integration and NFT trading.