eBay is looking to add a crypto payment feature – CEO

eBay’s CEO Jamie Iannone stated that the company may soon embrace crypto payments. The new feature will be tailored towards Millennials and Gen Z, given their rising interests in crypto.
eBay is looking to add a crypto payment feature - CEO

The internet marketplace is one of the oldest e-commerce platforms, and it is now vying to become the platform of choice for Gen Z and Millennials.

In an interview with The Street, the CEO stated that the company has been working to integrate crypto payment methods for some time and that an official announcement might be made during the forthcoming investor day on March 10.

During his interview, Iannone said that the e-commerce behemoth is looking to move to new payment methods, despite the fact that it now manages $85 billion in volume directly on its platform.

eBay and blockchain technology

Iannone, when asked about eBay’s position on developing technology like blockchain and cryptocurrencies, mentioned the growing popularity of nonfungible tokens trading on its platform without making any official remark.

Last year, the company updated its policies to make the e-commerce platform a place to purchase and sell anything, whether it’s a physical or digital commodity, according to Iannone.

Because of the growing popularity and demand for cryptocurrencies, various online sites have begun to provide crypto payment options.

eBay intends to do the same with its concentration on Millennial and Gen Z clients. However, this will not be eBay’s first foray into crypto payments; in 2014, the business attempted to integrate Bitcoin payments.

As reported in May 2021, eBay was looking into Bitcoin payment integration as well as NFT trading. As cryptocurrency has become more mainstream and accepted by the general public, the crypto payment integration plan appears to be nearing completion.