Ebay (NASDAQ:EBAY) is certainly one of the larger e-commerce platforms available to consumers today. It’s also looking like it will be a trailblazer in the cryptocurrency space. News today suggests that Ebay crypto payments are on the horizon. The development will make Ebay one of the largest platforms through which investors can utilize cryptocurrency as a means of transaction.
Ironically enough, crypto’s reputation doesn’t really come from being a transactable currency. Investors largely don’t buy goods and services with the digital assets; there’s just not many companies or vendors that offer crypto payments. This use case is falling to the wayside in favor of other uses, like DeFi staking, lending or app development.
In recent months, however, things are starting to take a bit of a change. Most notably, movie-theater chain AMC (NYSE:AMC) began accepting crypto for movie tickets and other goods. Now, it seems that Ebay may be joining the company, making it one of the largest platforms to take crypto payments.
Ebay Crypto Payments on the Horizon
In an interview with The Street, Ebay CEO Jamie Iannone hyped up users with potential news of Ebay crypto payments. According to Iannone, the company has been seeking to implement digital currency payments for some time now.
Iannone says Ebay has been transitioning toward adding additional payment methods. The company has been busy implementing new methods for its users to pay; in early 2021 and 2019 respectively, it added both Apple Pay and Google Pay to the platform. Iannone said the following according to The Street:
“[W]e continue to evaluate other forms of payments that we should take on the platform. We don’t currently accept cryptocurrency on the platform.”
To be clear, the executive has not formally announced the launch of crypto payments. However, he did hint at a broader, company-wide reveal of payment news on Ebay’s investor day, which is March 10.
Ebay’s adoption of crypto as a payment method would place it among a group of companies who are early to the broad acceptance of it as a means of transaction. Outside of AMC, Tesla (NASDAQ:TSLA) is one of the other large companies who has flirted with crypto payments. Last year, it announced it would take crypto payments for vehicles, before quickly reneging. Early this year, it also released a capsule of apparel and accessories that users could buy with Dogecoin (DOGE-USD).
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.