Ebay Considering Crypto Payments To Attract GenZ Crowd

E-commerce platform Ebay said it is considering the acceptance of crypto payments to attract gen-Z and millennial users, the Street reports. An announcement could be made on March 10, Ebay’s investor day.

In a telephone interview, Ebay CEO Jami Lannone said that the young demographic was a priority target for the platform. He added that the platform was focusing on transactions related to collectible sneakers, a growing trend.

The firm had approved the trade of NFTs on its platform last year, tapping into their meteoric rise in popularity. But it, and most major e-commerce platforms, do not allow the use of crypto for payments.

We’re not accepting crypto currently. But on March 10, we’re going to go deeper on all of these things, payments, advertising, our focus categories.

eBay will be the place where people trade goods, whether they be physical or digital.

-Ebay CEO Jami Lannone

Ebay would join a growing list

Payment gateway Paypal allows its users to transact in crypto, while online retailer Overstock accepts payments in bitcoin. Theatre operator and retail stock darling AMC accepts online payments in crypto, as does streaming site Twitch.

Crypto’s growing popularity has fueled speculation over widening its use for payments. Last year, electric car maker Tesla had made headlines when CEO Elon Musk said the company would accept payments for its cars in bitcoin.

Although the system was suspended a few months later, due to environmental concerns, Musk has been a vocal proponent for crypto adoption. Recently, Tesla said its supercharging station would accept Dogecoin as payment. Tesla merchandise is also purchasable through doge.

Still, crypto regulation on a global scale is still in its nascent stages. China, once a leader in mining, has outright banned cryptos, while most developed nations have little to no regulations that recognize the space. El Salvador remains the only country to accept bitcoin as legal tender.