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eBay and Libra to ‘explore’ cryptocurrency payments

By Sasha Fedorenko June 18, 2019 - 2:41 pm

eBay and Libra have teamed up to “explore” cryptocurrency as “a trusted, accepted and stable cryptocurrency [on] eBay’s marketplace.”

eBay.com today announced their partnership with global currency supplier Libra to “expand global ecommerce and make it more frictionless and affordable for consumers.” eBay say that there is a growing opportunity with emerging technologies like blockchain and cryptocurrency to spur a new way of connecting around the world. eBay predicts that blockchain and cryptocurrency will inevitably change the way people connect and pave the way for a redefined commerce.

The move aims to make eBay shopping experience “easier and more seamless” for shoppers globally. However, eBay say that cryptocurrency is still very much in its infancy when it comes to practical consumer application and adoption.

eBay and Libra will work together to develop a global cryptocurrency Libra Blockchain. eBay will help to design the payments innovation according to their expertise. eBay say that they will bring their “unique perspective and experience with massive scale, infrastructure and product development to contribute to its success.”

What are the benefits for eBay sellers?

eBay attributes the creation of the cryptocurrency to enabling a more seamless shopping experience to help their merchants succeed.

eBay say that they want to “ensure that [their] seller inventory is accessible to buyers around the world, and those buyers have the ability to use their preferred payment method.” eBay also aim “to lower transaction costs for [their] sellers and make their businesses more profitable.”

  • 5 months ago

    It’s important to note that as recently as a month ago, eBay was in full denial mode after news outlets and blogs (including Tamebay) reported the “Virtual currency. It’s happening on eBay” banners seen at the Consensus gathering.

    From a US blog site, to Bloomberg news, eBay maintained to multiple sources that, “Cryptocurrency is not accepted as a form of payment on the eBay platform, nor is it part of our payments strategy,”

    This untrue statement can be chalked-up to the nitty-gritty of precisely what “payments strategy” means for eBay (and now, what “explore” consists of), but most would agree that this statement from eBay was at best, disingenuous.

    Users were still querying @askeBay about this earlier this month, and on June 10th I predicted and surmised:

    “eBay amusingly continues to deny any future crypto plans while parroting “nor is [crypto] part of our payments strategy” soundbite.

    Nonsense. eBay is simply waiting for Facebook (or other FAANG) to ‘legitimatize’ crypto first.” -June 10th

    Links here 👉 http://bit.ly/2WOV9mD

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