eBay CEO says Company Is Looking at Crypto as Payment Option & Selling NFT on the Platform

eBay CEO says Company Is Looking at Crypto as Payment Option & Selling NFT on the Platform

eBay is keeping an eye out after reporting a weak second-quarter profit forecast as it faces stiff competition from Amazon while the total crypto market cap aims for $2.4 trillion.

eBay Inc. is looking at new payment options for its customers, and that includes Bitcoin and other cryptocurrencies, said chief executive officer Jamie Lannone in an interview with CNBC on Monday.

“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 it (cryptocurrency) is something we are keeping an eye on,” eBay said in a statement.

Last week, eBay reported a weak second-quarter profit forecast as it faces stiff competition from Amazon. The shares of eBay (EBAY) recorded a 2.4% increase today, which has been down 14% from mid-April.

The eCommerce firm further explores a “number of ways” to get involved in non-fungible tokens (NFTs), Lannone said.

“We’re exploring opportunities on how we can enable it (NFTs) on eBay in an easy way,” Lannone said on Reuters. “Everything that’s collectible has been on eBay for decades and will continue to be for the next few decades.”

NFTs exploded in popularity this year, and last month they were starting to lose traction with prices of digital art and volume dropping, but they seem to be making their comeback now.

“The bubble isn’t crypto, the bubble is everyone else realizing holy shit crypto is here to stay wtf can we do to get in on it,” noted popular trader Loomdart, who is also an advisor to eGirl Capital. It is also a “great” way to onboard new people, he added.

Already many companies are accepting Bitcoin as a payment option, such as Tesla. Both Visa and Mastercard have also taken steps towards integrating crypto in their payment systems.

Payments giant PayPal has already integrated crypto into its system by allowing its users to buy, sell, and hold crypto along with a crypto checkout service. PayPal-owned Venmo also introduced a crypto feature on its app last month.

“Demand on the crypto side has been multiple-fold to what we initially expected,” stated PayPal CEO Dan Schulman.

Amidst this, Digital Currency Group (DCG), the parent company of Grayscale, announced that they are going to purchase up to $750 million worth of GBTC, 3x the original $250 million they were planning to buy.

As of April 30, 2021, DCG has purchased $193.5 million worth of shares of GBTC, it said in a statement.

The market is currently euphoric, with Bitcoin near $58,000, Ether constantly making new highs hitting $3,300 today, and the total crypto market cap set to hit $2.4 trillion.

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Author: AnTy