EBay Looks to Crypto After Weak Earnings

The platform may soon give customers more options on payment.
Benjamin WangMay 03,2021,19:59

EBay (Nasdaq: EBAY) is opening up to the idea of accepting Bitcoin and other cryptocurrencies as payment, according to an interview the company’s chief executive officer Jamie Lannone gave CNBC.

The e-commerce platform is looking to cryptocurrency and NFTs as a new form of payment to give customers more options to use its platform, according to the medium.

Last week, the company reported weaker-than-expected second-quarter earnings, which some say may be the reason behind eBay's transition. After its stock drop last week, eBay bounced back on Monday and was up more than 3% in early trading.

A spokesperson for eBay stated, "We are always looking at the most relevant forms of payment and will continue to assess that going forward. We have no immediate plans, but it is something we are keeping an eye on."

As more and more companies and institutions begin to accept cryptocurrencies, this formerly shunned asset has already moved to the mainstream. Earlier, Tesla (Nasdaq: TSLA) began to accept Bitcoin for car sales.

EBay also said on Monday that it is considering "multiple channels" to enter the NFTs field, and is currently exploring how to implement this function on eBay in a simple way.

Shares of eBay were trading up 5% intraday, at $58.36 apiece in New York.

Topics:eBay; Bitcoin; U.S.