eBay could soon accept cryptocurrency payments

(Image credit: Shutterstock.com / Ascannio)

Ecommerce giant eBay has signalled it is open to the idea of accepting payments using cryptocurrencies such as Bitcoin on its site.

"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 (cryptocurrency) is something we are keeping an eye on," eBay told Reuters.

eBay, which has around 190 million users worldwide, has long been popular for its online auctions, but has diversified significantly in recent years to embrace straightforward ecommerce, with sellers and SMBs alike setting up dedicated online stores on the site.

eBay cryptocurrencies

The news marks another possible landmark for cryptocurrencies, which have grown hugely in stature and influence over the past few years.

Earlier this year, former eBay partner PayPal announced plans to start allowing shoppers in the US to spend their cryptocurrency to make payments when buying online. Customers will be able to convert their bitcoin cash or litecoin held in PayPal digital wallets and convert the funds into fiat currencies, letting them pay for purchases at the checkout.

Online paymnents giant Visa also recently suggested it would soon allow customers to send and receive funds using the USD Coin cryptocurrency, and carmaker Tesla has announced it will begin accepting bitcoin payments for its cars - although the company will hold the bitcoin, rather than turning it into fiat currency.

eBay also suggested it would look at ways to add sales of non-fungible tokens (NFTs) on its platform. The bizarrely popular practice allows buyers to "own" a digital piece of art or content, but has been ridiculed around the world for its lack of protection and the legitimacy of ownership.

"We're exploring opportunities on how we can enable it (NFTs) on eBay in an easy way," eBay CEO Jamie Iannone told CNBC in an interview.

“Everything that’s collectible has been on eBay for decades and will continue to be for the next few decades.”

TechRadar is supported by its audience. TechRadar does not endorse any specific cryptocurrencies or blockchain-based services and readers should not interpret TechRadar content as investment advice. Our reporters hold only small quantities of cryptocurrency (under $100 in value), as is necessary to perform wallet and exchange reviews, and do not hold shares in any publicly listed cryptocurrency companies.

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Mike Moore is Deputy Editor at TechRadar Pro. He has worked as a B2B and B2C tech journalist for nearly a decade, including at one of the UK's leading national newspapers and fellow Future title ITProPortal, and when he's not keeping track of all the latest enterprise and workplace trends, can most likely be found watching, following or taking part in some kind of sport.