The CEO of eBay Inc. Jamie Iannone in a recent interview with CNBC has said that the company is exploring the addition of cryptocurrencies as the payment option on its platform. The decision comes as the popularity of crypto assets as a payment option has been on the rise and the likes of Tesla and PayPal have opened the gates for crypto-based payments on its platform.
$EBAY INC CEO – LOOKING AT PAYMENT OPTIONS INCLUDING CRYPTOCURRENCY- CNBC INTERVIEW
— *Walter Bloomberg (@DeItaone) May 3, 2021
This bull run Bitcoin and other cryptocurrencies have not just attracted the attention of wall street giants and Fortune 500 companies who are using crypto assets as an investment tool as well as treasury hedging asset, in fact, the long asked question about the use case of digital asset as a form of payment has been answered as well. This year Tesla announced they would accept Bitcoin payment for the purchase of its popular range of electric vehicles. PayPal which added a crypto buying and holding option last year announced that it would allow its 300 million customers to spend crypto at their 70 million-plus vendors.
Crypto Payment Option on the Rise
The addition of cryptocurrencies as a form of payment is not just limited to Bitcoin and Ethereum, Dogecoin also saw a rise in popularity, price, and adoption as billionaire Mark Cuban announced that his NBA team Dallas Mavericks would sell all their merchandise for Dogecoin. Cuban who had earlier added a Bitcoin payment option had said that the only reason to do so was to prove that nobody uses these digital assets, however that opinion has changed fast this bull season. MasterCard and VISA, the two largest centralized payment processing giants have also ventured into the crypto ecosystem allowing crypto payments and spending through their network.
Apart from Mark Cuban-owned firm, a Nissan dealership and medical equipment and product offered also started accepting Dogecoin payment this year. As the value of Bitcoin and most of the altcoins have more than doubled and even the biggest wall street critics are rushing to add some form of crypto exposure, the use cases of cryptocurrencies especially as a form of payment have been on the rise.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.