Cryptocurrencies have become a viable and preferred way for transactions all over the world. There is no denying that more and more people are using cryptocurrencies as a payment method for their daily actions every day. To accommodate this need, PayPal recently announced Foray that allows users to transact using cryptocurrencies.
Following the suit, eBay also recently announced its plan to include cryptocurrencies as an accepted payment method among its other long list of official payment options.
eBay the E-commerce Giant
eBay Inc is currently the world’s 66th most valuable company with its CEO Jamie Iannone. In a recent interview, Jamie announced that the company is considering accepting cryptocurrencies as a viable payment method for eBay transactions. This decision is taken considering the growth of cryptocurrencies worldwide.
eBay has over 180 million users who will be happy to know that eBay is looking to capitalize on a growing customer base by accepting and innovating around crypto tokens and NFTs.
Last year, the company collected a fortune from facilitating sales for 80% of all the small businesses located in counties in the US with economic disadvantage. This strategy not only helped small businesses to export and import products but helped eBay to accumulate an additional $3 billion profit in the first quarter of 2021.
Welcoming Crypto to the E-commerce world
eBay is one of the first E-commerce platforms that has capitalized on this billion-dollar opportunity by adding it to their online platform. Following its subsidiary’s PayPal’s footstep, eBay is planning to add crypto as a payment mode for all its users.
Apart from eBay and PayPal, companies such as Visa and Venmo are a few of the payment platforms that have allowed the use of cryptocurrencies as a payment method. eBay, by including crypto, will ramp up its above $30 Billion markets and will enter the $10 trillion market in the future.
The Crypto industry has already crossed the trillion market mark in 2020 and will soon compete against gold’s $10 trillion markets. It is a resource that is no longer just a secondary income source or an investment opportunity. All the big players in the market have already accepted its potential and are working on a way to include it in their day-to-day activities.