E-commerce giant eBay has recently clarified that it is not receiving payments through cryptocurrencies on its platform. Bloomberg reported the response of one of the executives of the e-commerce site on the ongoing rumors regarding the site’s plans to enable payment through cryptocurrencies. The news started with an image of an allegedly leaked eBay advertisement which indicated the adoption of virtual currencies on the platform as a mode of payment. The denial might come as a disappointment to many of the enthusiasts who had been outspokenly supporting this move.
Crypto and E-commerce
Jia Wertz, renowned public speaker of diverse fields, like entrepreneurship and women rights, in an article for Forbes, had mentioned the reasons for the adoption of cryptocurrency by the e-commerce platforms, back in 2017. She had claimed that it not only will provide the companies with an early mover advantage at this stage, but will also help them in solving logistical issues like the high transaction charges. Crypto can be used for offering rewards which are more liquid, in the form of utility tokens.
One of the earliest retailers to jump onto the crypto bandwagon had been Overstock. Rakuten, the Japanese e-commerce giant, launched its crypto exchange the Rakuten wallet in April 2019.
The Corporate In-flow
Brands like the social media giant Facebook, or the retail chain, Whole Foods, and even Land Rover, Star Bucks and Nike have decided to join the crypto bandwagon in some form or the other. This trend is in line with the report by Deloitte, which has claimed that there is a global increase in the corporate interest in blockchain. Moreover, these developments could further push the price of cryptocurrencies up from the plummet in 2018. The price of Bitcoin has, in fact, risen to $8000 recently. Therefore, there is no reason for corporations to shy away now.