Given how eBay achieved revenues of $2.6 billion in the final quarter of 2021 — with 147 million active buyers worldwide — the addition of digital assets would certainly be bullish.
Speculation is growing that eBay is on the brink of accepting cryptocurrencies as a payment method — and this talk isn't going to die down following an Investor Day presentation.
During a pitch to shareholders, the auction site showed off a slide featuring a landing page that invites users to register for a digital wallet.
Executives also confirmed that this digital wallet will launch in the second quarter of this year — but it's probably going to focus on fiat-driven offerings to begin with.
CEO Jamie Iannone didn't explicitly confirm during the presentation whether cryptocurrencies will be supported, meaning shareholders will have to wait and see. Instead, he just vowed that "new forms of payment" are coming soon.
Why This Matters
Given how eBay achieved revenues of $2.6 billion in the final quarter of 2021 — with 147 million active buyers worldwide — the addition of digital assets certainly would be a bullish development.
Indeed, the site already allows non-fungible tokens to be bought and sold through its website.
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All of this could prove crucial in wooing younger customers to give eBay a try — and it's already unveiled plans to integrate "buy now, pay later" providers who allow the cost of an item to be spread over equal installments.
Chatter about eBay's intentions began back last month, when Iannone told TheStreet that the e-commerce giant is weighing up whether to embrace cryptocurrencies.
PayPal — which used to be owned by eBay — is arguably one of the biggest brands to take the plunge. Others, such as Uber, have said they will "definitely" accept crypto in the future, but now is not the right time because of environmental concerns.