Making a somersault on its initial stand, eBay now said that the company is open to the initiative of using cryptocurrency on its platform for making the payments. Just so you know, last month it said that there is no plan of introducing cryptocurrency payments on its platform. This change of heart can be attributed to the fact that eBay is one of the founding members of the Libra Association, which is going to launch Facebook’s cryptocurrency Libra. It would be untenable for the eBay to support the adoption of Libra while rejecting the possibility of using other digital coins on its platform.
Commenting on the development in the backdrop of the company’s participation in the Libra platform, eBay said that it is looking forward to introducing new technologies on its platform, and with the new Libra project, its massive scale, product development, and infrastructure is surely going to help the customers to have new age convenience and shopping experience. Just so you know, eBay is one of the founding partners in the Facebook’s Libra project which has also so got the support from the likes of PayPal, Visa, Coinbase, and MasterCard among others.
Officially, eBay has announced that the company is excited to be part of the revolution in the payment industry and will focus on the digital coins as well as blockchain technology in the future. This will make the shopping experience more convenient for the customers, and the option of digital coins will further enhance the comfort factor. The fact that makes this development even more important is the scale of operations involved on the eBay platform. The portal helps millions of people come together through its platform and now seems to have seized the opportunity in the crypto space. No doubt, it is going to charter into unknown water, but then the immense growth potential lying ahead is worth taking the risk. According to the top officials of the company, in the next few years, eBay is going to focus on digital transactions through digital coins which will help the company to grow globally by surpassing the barriers of geographical boundaries. There are concerns about the regulatory framework especially in case of digital coins which varies from country to country; however, with the passage of time as the unanimity set into the policies, this problem will also fade away. eBay is also well aware of the fact that the whole concept of digital coins is still in the evolutionary stage and requires a great deal of time before it becomes a mainstay in the payment industry.
The company, while announcing that it has joined Libra Foundation as a founding member, shared that the decision of the company to help develop Libra cryptocurrency and blockchain is aligned with the dream of its founder, Pierre Omidyar. Just like Omidyar, who took a bold initiative to start an online marketplace, this foray of the company into cryptocurrency and blockchain is yet another revolutionary step that will define the future of its operations globally.