E-commerce, as one of the fastest-growing sectors of the global economy, has not been able to ignore cryptocurrency and related projects like simpleswap.io. Major marketplaces, such as Amazon, OverStock, OpenSea, are already dealing with Bitcoin. Following them, other giants Microsoft, KFC, Shopify, and Subway began to accept cryptocurrencies or research this topic.
eBay, as a big player in the market of e-commerce, decided to keep up with its competitors and is considering adding cryptocurrencies as a means of payment for goods on its website.
eBay and NFT
eBay is not new to the crypto world. In 2021, eBay allowed users to sell and buy NFT tokens of collectible cards, images and video clips. The site has developed its own set of rules and standards for sellers. According to an official statement from the company, only verified sellers who meet eBay’s standards will be able to post NFT listings.
Simultaneously with the launch of this option, the company announced that it is considering integrating cryptocurrency as a means of payment on its site.
The benefits of connecting crypto payments for eBay and its users
Integrating cryptocurrency as a means of payment offers several benefits to eBay at once:
– Allows you to get paid in cryptocurrency, which means reaching an additional audience of buyers.
– Speeds up the process of receiving payments. Depending on the network, a cryptocurrency transaction takes anywhere from a few seconds to an hour, while payment through Mastercard and Visa can be processed in a day.
– Allows the user to remain anonymous.
In other words, using crypto processing technology, eBay will be able to accept cryptocurrency payments quickly and easily, which will definitely be a good competitive advantage for the site.
Implementation timeline and dates
Rumors of cryptocurrency integration on eBay have been around for a long time. However, company officials regularly denied these rumors, claiming that eBay was not considering integrating cryptocurrency as a means of payment. This continued to be the case until recently.
In an interview for The Street, eBay CEO Jamie Iannone said that the company has been looking into integrating crypto payments for some time, and a formal announcement could be made during an upcoming investor day on March 10, 2022.
