eBay is open to the chance of accommodating cryptocurrency as a method of payment in the future. Also, it is looking at customs to get non-fungible tokens (NFTs) on its stage, the company thought on Monday.

A rising number of companies have initiated to accept virtual currencies as a practice of payment, taking an asset class that had been avoided by major financial institutions a few years ago, a step nearer to becoming mainstream.

Supporting points:

In a talk with CNBC, Chief Executive Officer Jamie Lannone stated that acquiescent virtual currency was a choice the company was observing at.

eBay, which dissatisfied investors with a weak second-quarter profit prediction last week, said it was watching at a "number of ways" to get into the NFT space.

We are exploring chances on how we can allow it (NFTs) on eBay in an easy way, Lannone stated on CNBC. All that's collectable has been on eBay for periods and will endure being for the next few decades.

Related points:

The firm’s CEO Jamie Iannone revealed in a CNBC interview that his company was seeing numerous payment selections, counting cryptocurrencies. He went further to disclose that his company was also discovering opportunities on how to permit the sales of non-fungible tokens (NFTs) on the platform.

The change could turn out to convert a major game-changer in the crypto industry, seeing the size of eBay. The e-commerce huge ended 2020 with 185 million active users amongst the COVID-19 pandemic and global meltdown. Still, the firm records more than $10 billion in annual revenue.

An entrance into the cryptocurrency space will not come as a wonder.

To sum up, it is seen that a growing number of companies have initiated to accept virtual currencies as a method of payment, taking an asset class that had been ignored by major financial institutions a few years ago, a step earlier to becoming mainstream.

Shivangi Mujumdar

CBW - External Analyst

INDIA