eBay, the US-based international e-commerce platform, has hinted through its advertising posters at a Blockchain and Cryptocurrency conference, Consensus, that it is willing to associate with Blockchain and cryptocurrencies.
The conference began on 13th May 2019 in New York. The attendees would mostly comprise of developers and investors. The one thing that caught the eyes of most attendees was the posters from eBay saying “It’s happening on eBay.”
The eBay ad boasted of the global online marketplace’s user-base and hinted that “virtual or digital currencies” will soon be coming on it. However, the fact that Bitcoin and cryptocurrency were not used might suggest that it is planning to release its digital currency.
An announcement can be expected to be rolled out as the conference progresses for the next two days. eBay is one of the most popular peer-to-peer e-commerce platforms. Hence, a cryptocurrency on its portal would only streamline the entire process, induce trust and transparency into the system as well.
Nevertheless, it is not yet confirmed if it will be using an existing cryptocurrency, all cryptocurrencies or eBay is planning to release its own token.
Last Month, a passive payment model on Amazon was introduced by the moon network which enabled cryptocurrency payments on online retail stores through a browser extension. According to Moon, eBay was next in line to be integrated into the system.
Rakuten, the Amazon of Japan, has been accepting Bitcoin and crypto payments since 2015. Furthermore, it is also developing a cryptocurrency Exchange for which it acquired the regulatory license earlier this year.
Even if eBay does release its own cryptocurrency, will it be a boon or a bane for the cryptocurrency markets? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com