eBay may soon accept crypto payments

The auction site said it wants to become “the marketplace for Gen-Z and millennials”

eBay heaquarters, California                                 
You may soon be able to pay for goods on eBay using cryptocurrency – Photo: Alamy
                                

The CEO of eBay, the major e-commerce platform that allows people to sell, bid on and buy items of all descriptions, is looking into the possibility of accepting cryptocurrencies as a means of payment.

eBay’s CEO, Jamie Iannone, said the company is exploring this option as it wants to be “the marketplace for Gen Z and millennials”. Generation Z users, in particular, are seen as a priority target for the platform.

Iannone said that the company may make a crypto announcement on 10 March – a day dedicated to its investors.   

You can already buy NFTs on eBay

Iannone told The Street: “We're not accepting crypto currently, but on 10 March, we're going to go deeper on all of these things: payments, advertising, our focus categories.”

eBay does currently allow the selling and purchase of non-fungible tokens (NFTs). The company has not made an official announcement relating to the sale of NFTs.

Iannone said: “We did change our policies last year so that you could trade NFTs on the platform and essentially, you know, eBay is a place where people have something to sell, and people have something by showing up.”

The CEO of eBay compared NFT sales to car sales on the platform, saying: “It reminded me of many years ago… people just started selling cars when we didn’t even have a vehicle business at that point. We’re seeing the same type of thing [with NFTs].”

“The marketplace for sustainability"

Iannone also said, “eBay will be the place where people trade goods, whether they be physical or digital. So over time, we want this to be the marketplace for sustainability.”

eBay has recognised that sales of items that are more attuned to the younger market, such as trainers, have been bringing in more Gen Z customers. Iannone said: “We’re appealing to the younger generation, where they’re coming in selling their sneakers, becoming a collectible collector on the platform, and they’re building new marketing capabilities.”

This concentration on younger demographics is feeding into the possibility of eBay soon accepting crypto payments.

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