Ebay could soon accept cryptocurrency

Ebay could reportedly begin accepting cryptocurrency in the feature, following in its previous stablemate PayPal’s footsteps.

The online marketplace said in a statement to Reuters last week it was “always looking at the most relevant forms of payment and will continue to assess that going forward”.

It added that the digital payments space was “something we are keeping an eye on”, but stipulated it had “no immediate plans” to begin accepting the cryptocurrencies.

In a separate report from CNBC, Ebay’s chief executive Jamie Ionnone said that accepting digital currency was an option the retailer was considering.

READ MORE: “Do you take crypto?” – How long before we can all pay with cryptocurrency?

He explained that Ebay was looking into a “number of ways” to get into the non-fungible token (NFTs) space.

NFTs are a type of digital asset which use the same blockchain technology as cryptocurrencies, but instead of denominations of currency they represent a stake in a “one of a kind asset”.

This could be a house, a work of art or anything that is a unique asset that is ‘non-fungible’ or cannot be exchanged for interchangeable units like money.

NFTs have exploded in popularity over the past year, though many expect that the bubble could soon burst.

Should Ebay venture into the crypto space it would follow in the footsteps of PayPal, which it was formerly closely tied to, after it launched a “checkout with crypto” option in late March.

The announcement came after the payment provider said it would enable the buying, selling and holding of cryptocurrencies in users’ PayPal wallets in October last year.

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