Multinational eCommerce giant eBay Inc (NASDAQ: NASDAQ:EBAY) is reportedly looking into accepting cryptocurrency as a means of payment.
What Happened: According to a report from The Street, eBay is studying the possibility of adding support for cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE).
The firm’s CEO Jamie Iannone said that eBay could make an official announcement on its upcoming investor day on March 10.
"We're not accepting crypto currently. But on March 10, we're going to go deeper on all of these things, payments, advertising, our focus categories," he said to The Street.
The move to accept cryptocurrency will be geared towards making eBay the “go-to platform” for Gen Z and Millennials.
Also Read: Some Disappointments From eBay's Earnings Call: Analysts Weigh In
Iannone also acknowledged that eBay had changed its policies last year to allow for non-fungible token (NFT) trading on its platform.
"So even without announcing anything or doing anything, people started trading NFT on a platform," he said.
"It reminded me of many years ago when people just started selling cars when we didn't even have a vehicle business at that point. So we're seeing the same type of thing [with NFTs]."
What Else: The past year has seen a number of companies embrace cryptocurrency as a means of payment on the back of user demand.
Tesla Inc (NASDAQ: TSLA) now accepts DOGE as payment for merchandise on its website, while theater chain AMC Entertainment Holdings Inc (NYSE: AMC) already accepts BTC, ETH, Litecoin (CRYPTO: LTC), and Bitcoin Cash (CRYPTO: BCH). The firm expects to add full support for DOGE and Shiba Inu (CRYPTO: SHIB) in March.
Price Action: As of Monday morning, BTC was trading at $39,531.04, down 1.90% in the last 24 hours.
Photo: Courtesy of Mike Knell on Flickr
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