No, eBay Still Isn’t Accepting Cryptocurrencies Yet

No, eBay Still Isn’t Accepting Cryptocurrencies Yet
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As it turns out, the noise being made about eBay taking the plunge into the crypto market was just that—noise. According to a report published on news medium Bloomberg, it would seem that the anticipated move of e-commerce merchant eBay to accept digital assets like Bitcoin and integrate them into its platform won’t be materializing just yet.

The report, which was published on May 14, quoted a spokesperson from the company who claimed that cryptocurrencies aren’t being accepted on the platform, and the company won’t be including it in their payments strategy.

Earlier this week, the company pulled out what was seen by many as a declaration of intent at the Consensus Conference, a cryptocurrency and blockchain summit that held in New York.

The company’s ads featured claims about the company’s share of the global e-commerce market, as well as hints that it would soon be providing support for “virtual or digital currencies.”

Many people who attended the event saw the ads and immediately set the Internet and social media alight with speculations about which currencies will be adopted. While the popular opinion was that eBay would only be integrating the most popular digital assets into its payment portal, others speculated that it could be building its own token, pointing to the fact that the company’ ads didn’t explicitly mention any currencies.

The prospect of eBay making the switch to crypto was an exciting one for many reasons, with the most significant being that it would have been a considerable boost in the fight for cryptocurrencies’ mainstream adoption. As a company worth $32 billion (at press time), its adoption of digital assets would undoubtedly have helped make them look even more legitimate.

Sadly, however, it seems as though it was all for naught. The report quotes Roshan Mirajkar, the co-founder of trading network KoinStreet, who claimed that differentiating between a rumor and fact could be a tad confusing when the crypto market is concerned.

Mirajkar also spoke on how most large companies view cryptocurrencies, stating that they’re majorly on the fence and unwilling to still make the leap. He said, “Companies like eBay are “doing more of a marketing effort and not being more direct about it. It’s gotten too large for them to ignore yet I don’t think they know the right path forward.”

Still, the crypto industry can take solace in anticipation of Facebook’s rumored cryptocurrency. There still hasn’t been any word from the company as regards what the currency is or when it will be released (or even, what its name will be), but if its actions and the recent speculations concerning it are anything to go by, we should be seeing a launch before the turn of the year.

About Jimmy Aki

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Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.

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