eBay CEO says company may soon turn to crypto payments

eBay is one of the largest digital marketplaces that may soon accept cryptocurrencies. eBay targets millennials and Generation Z, so accepting alternative payment methods like cryptocurrencies is a good business move.

eBay can accept crypto payments

eBay is expected to announce the big news at an investor conference on March 10. eBay CEO Jamie Iannone said the company is now looking to diversify into alternative payment methods as it now manages $85 billion worth of transaction volume.

The market has made a big decision to support Gen Z and millennials on the platform. To achieve this, it has partnered with Afterpay, an Australia-based company whose main target audience is Gen Z. Afterpay supports the “buy now, pay later” framework.

“So we continue to evaluate other forms of payment that we should take on the platform,” Iannone said. “We do not currently accept cryptocurrencies on the platform.” Other strategies being pursued to attract this generation include collectibles and transforming its marketing capabilities.

Iannone stressed that the platform does not currently support cryptocurrency payments. However, during a March 10 investor conference, he said eBay “will go deeper on all of these things, including payments, advertising, and our focus categories.”

NFTs on eBay

Iannone also said that eBay already supports non-fungible tokens (NFTs), while the company has not made any official announcements on the matter. He noted that in 2021, eBay changed its policy to allow NFT transactions. He added that eBay is a platform where "people have things to sell and people have things to show up."

“So even without announcing anything or doing anything, people are starting to trade NFTs on the platform,” he said. “It reminds me of many years ago when we didn’t have a car business and people were just selling cars. So we’re seeing the same type of thing [with NFTs].”

Iannone further added that eBay’s vision is to become a platform where people can trade physical and digital goods. As an NFT marketplace, eBay will have the opportunity to take a piece of the pie in a market where adoption is growing significantly.

NFTs have become extremely popular in 2021, and the industry is currently worth billions of dollars. Over $23 billion in NFT trading volume was recorded in 2021, a significant increase from the $100 million recorded in 2020.