eBay’s Digital Wallet Reveal Reopens Crypto Case

eBay's Digital Wallet Reveal Reopens Crypto Case
  • eBay launched its digital wallet service during Investor Day.
  • eBay is looking to become a marketplace for new generation NFT consumers.
  • The e-commerce site started allowing NFT sales last year.

eBay recently concluded its Investor Day 2022, in which the company revealed its retail plan for the long term. According to the retail marketplace’s press release, people can expect a “tech-based reimagination of eBay”.

CEO Jamie Iannone shared that they have been looking for a possibility of adding cryptocurrencies as means of payment. However, the speakers at the said event did not provide any concrete information. Specifically, eBay has yet to reveal if it will be formalizing the adoption of cryptocurrencies as a payment within its marketplace.

Nevertheless, people were convinced that eBay would adopt crypto soon. This is because many would associate a digital wallet with one accepting cryptocurrency. After all, the term is used very often to refer to online cryptocurrency wallets.

The press release read:

“We see incredibly compelling growth potential in this market and believe it is our opportunity to win by sharpening our focus and continuing to create value through a tech-led reimagination of eBay.”

Aside from the digital wallet, eBay also highlighted its eBay Vault, which is a storage facility as well as a digital marketplace for trading cards and collectibles. This platform also aims to expand to include luxury goods. Furthermore, eBay has already enabled merchants to sell their NFTs on its platform.

In other news, the crypto market remains stagnant, as the price of major cryptocurrencies is unmoving. At the time of writing, Bitcoin price is at $39,000.66, while Ethereum price is at $2,580.98, according to CoinGecko. Overall, the total market capitalization of crypto is $1.82 trillion.

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