a leading online store, is rumored to begin accepting
cryptocurrencies as a form of payment in the future.
rumor began circulating following the blockchain summit Consensus
2019 and was spread by a Telegram post from “Patrons of The Moon”.
The Consensus event in Manhattan had adverts from eBay that alluded
to a crypto future.
various placards said, “virtual currency. It’s happening on
eBay.” And “Reach 179 million active buyers in the world’s
as of yet, has not announced anything on any of their accounts so
nothing is concrete. However, it seems the move to crypto is imminent
and something the giant online store has been mulling over for a
while. This was evidenced by their sponsorship of the Consensus
to be eBay’s token
the news many have begun speculating as to which token will be the
first to be supported. The online shopping giants are going to accept
Binance coin, BNB, as their main token according to a tweet from a
twitter user, Crypto Enthusiast.
token is not just for gaining discounted trading fees, it has also
proven itself to be a capable token with regards to ecommerce. The
partnership with Pundi X and TravelbyBit are evidence.
Zhao, the Binance CEO, has also had his eyes on the ecommerce market
as shown by his comments about Amazon. In a tweet, he spoke of the
benefits a crypto payment could have for ecommerce websites.
any internet (non-physical) based business, I don’t understand why
anyone would not accept crypto for payments. It is easier, faster and
cheaper to integration than traditional payment gateways. Less
paperwork. And reaches more diverse demographic and geography.”
comments will also add further to the rumor of Binance and Ebay
collaboration, something which a twitter user rightly pointed out:
contract with eBay
may be some obstacles in the way though for eBay and crypto payments.
The main one being PayPal which is contracted by eBay until 2023 and
does not yet accept crypto as a method of payment.
CFO, John Rainey, is not convinced by the merits of crypto for
payment and has been vocal in his objection.
an interview with CNBC last year, he said:
now, we don’t see a lot of interest from our merchants. But if it’s
something that stabilizes in the future and is a better currency,
then we’ll certainly support that.” On explaining the problem
with volatility for sellers, he said: “If you’re a merchant and
you have, let’s say, a 10 percent margin on a product that you sell
and you accept bitcoin, for example, and the very next day it moves
15 percent, you’re now underwater on that transaction.”
PayPal and eBay’s partnership may not last past the 2023 mark as
they have split from one another and it seems that eBay will use
Adyen in the future for payment.
the case may be, this is yet another huge step for the crypto
community and the industry as a whole. From Samsung to eBay, the
business giants of this world are all catching on to cryptocurrencies
which will serve to make it a financial force for the future and a
direct competitor to fiat currencies.