eBay is exploring its options around cryptocurrency payments and NFT, according to eBay CEO Jamie Iannone.
Coin World – E-Commerce Giant eBay: Exploring Cryptocurrency Payments and NFT
Iannone, who has been with eBay since last year, broke the news this morning in a news segment on CNBC’s Squawk Box. (Last week, the price of eBay stock plunged, falling 10 percent in a single day)
We’re expanding the payment methods we use,” he said, pointing to non-crypto payment platforms such as Apple Pay and Google Pay, adding that the company plans to “continue to look at other options, such as cryptocurrency.
He also said that eBay is looking at the NFT market. He said without question.
“We’re looking at NFT and exploring opportunities to make it easy to implement on eBay.”
NFTs are irreplaceable tokens that can be used to represent proof of ownership of digital goods. They generated more than $1.5 billion in sales in the first quarter of this year and are particularly popular in the digital art and collectibles space, according to DappRadar.
eBay is no stranger to working on blockchain payment systems: the company joined Facebook’s blockchain project Diem (formerly known as “Libra”) but opted out in 2019. The e-commerce site has been considering adding bitcoin and other cryptocurrencies as payment methods to its platform since at least 2014.
To date, there are no concrete plans to plan exactly how cryptocurrencies will be integrated into the platform.
On the same day, payments giant PayPal is exploring the launch of a stablecoin, according to The Block. Four sources with knowledge of the situation told The Block that PayPal has been exploring a number of stablecoin protocol developers in the industry, suggesting the payments giant may be leaning toward partnering with third-party companies for its stablecoin business.
A PayPal spokesperson said
” PayPal continues to explore digital currencies, the potential of digital financial services infrastructure, and how we can help enhance digital commerce as a trusted partner in the space.”
If PayPal is indeed moving forward with a stablecoin project, it would represent a significant escalation in its work in the crypto space. Stablecoins are digital assets that represent legal tender or government-backed currencies and use the blockchain network as a payment tool. According to data collected by The Block, there are more than $80 billion of stablecoins in circulation in the market today.
A source said, “PayPal seems more likely to do it with an existing stablecoin partner rather than doing it entirely on their own, because I think it gets the product to market faster, which is their main thought.”
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