Big firms are beginning to comprehend the potentials of the Blockchain and cryptocurrency industry. eBay is one of the more prominent firms that is considering accepting digital currencies as a new payment method on its platform from its users.
This is great news for cryptocurrency users due to the fact that many have had to convert their cryptos to fiat before making transactions on the platform. With this new development, they only have to add the products to carts and place their order instantly.
Reports also have it that the firm has been considering this for a very long time until they eventually concluded to start accepting the payment system. Firstly, the firm will start by accepting Bitcoin, Binance coin, Ethereum and Ripple as well as other crypto-coin with high user rate, then as time goes on they would start collecting other digital currencies.
The firm made it clear in its Consensus 2019 conference that took place at New York that it is considering and will start accepting Bitcoin, Balance coin and other virtual currencies. They are also hopeful that they would create their own alt-coin in the future.
eBay currently has more than 180 million users in its marketplace and are also considering other marketing options asides adopting cryptocurrency as a means to further increase its market share, hoping it will make it a major contender with other online e-commerce firms.
The firm tweeted a photo with the following caption:
“Virtual Currency. It’s happening on eBay.”
A cryptocurrency enthusiast with the username @ImNotTheWolf revealed the news about the firm’s to start accepting cryptocurrency.
“Leaked from Consensus, eBay possibly announcing the support of cryptocurrencies on their website.” – @PatronsOfTheMoon Telegram. #share #bitcoin #cryptocurrency
Other users have come forth to express their joy over the groundbreaking news.
According to relevant sources, the firm is also looking to partner with several payment platforms that accept various digital currencies on behalf of merchants and even help convert the cryptos to fiat currencies for the organisation.
For this, eBay is considering a partnership with UTRUST. UTRUST is a transnational payment gateway that has been performing several successful cryptocurrency transactions. The payment platform has recently hired Sanja Kon, the former PayPal and eBay executive to help manage its future ambitions to move forward with UTRUST global partnership expansion.
In line with a statement put out by the firm through social media:
“It’s not hard to imagine that one of the first partnership Kon would attempt to make would be at the company she was a senior executive at for five years.”
There is also news of a competitor making such moves. Another firm in the online market space will also be adopting cryptocurrency in the near future. According to reports, Amazon is also a huge admirer of the thriving industry and are also looking to give their users the privilege to start trading on the platform with digital currencies.
News of this nature has made other firms in the FinTech industry like PayPal reconsider their stance on crypto. For a while now all they do is speculate about cryptos but are not taking any significant steps in adopting the technology. PayPal believes in cryptocurrencies but is not keen in accepting Bitcoin as the future of payment.