EBay Isn’t Diving Into Crypto, Bitcoin Included, But Don’t Worry

click here to see original post

eBay Denies Crypto Rumors

Earlier this week, Ethereum World News reported that eBay may be delving into Bitcoin (BTC) and cryptocurrency. This was due to the fact that at Consensus, the leading crypto & blockchain event that is run by CoinDesk, the online marketplace giant was a primary sponsor of the event and had advertisements all over the venue.

What was even more convincing was the words that were plastered on said ads. One said “Virtual currencies. It’s happening on eBay”, while others mentioned digital collectibles among other topics pertinent to this budding industry. This led many, including many of the crypto ecosystem’s big names on Twitter, to consider that maybe, the $32 billion e-commerce giant had intentions to accept a cryptocurrency, like Bitcoin, or launch one of its own. Yet, in a comment issued to CoinTelegraph on Wednesday, the Silicon Valley firm revealed that it, in fact, doesn’t have exact intentions to get into this industry. A spokesperson told the outlet:

“Cryptocurrency is not accepted as a form of payment on the eBay platform, nor is it part of our payments strategy.”

Other reports indicated that the firm only had issued those ads because you could sell Bitcoin and other digital asset miners (ASICs) on the platform.

Regardless, the bottom line that if eBay isn’t ‘pulling a fast one’ on the industry, it doesn’t have intentions to do anything remotely crypto-related any time soon. Yet, there’s no need to flip bearish right now.

News Cycle Still Bullish For Bitcoin

As we have reported on the past few days, the news cycle has been absolutely bullish for Bitcoin and other digital assets. Here’s a brief compilation of what’s going for this market at the moment.

  • Whole Foods, Gamestop, Other Outlets To (Indirectly) Accept Bitcoin: In an announcement made during the opening of Consensus, Gemini has partnered with a crypto payments startup, Flexa, to offer its users the ability to purchase physical goods across America with Bitcoin, Bitcoin Cash, Ethereum, and Gemini’s resident stablecoin. While the retailers themselves aren’t directly accepting cryptocurrency, the partners, which include Lowe’s, Amazon’s Whole Foods, Nordstrom, and Gamestop will accept fiat sourced from Bitcoin. This will boost cryptocurrency adoption, and likely sparked some hype in the retail audience.
  • Bakkt To Finally Launch Futures: Earlier today, Bakkt, the Intercontinental Exchange’s independent crypto initiative, revealed that it will be launching its physically-backed futures contract in June. According to a Medium update from its chief executive, Kelly Loeffler, the product will take two forms: 1) a daily settlement future; 2) monthly futures. This confirms rumors that the platform was looking to launch a vehicle for a same-day market. Bakkt expects the soft launch of this product by July, explaining that it intends to iron out any kinks in the coming weeks. This report comes just a few weeks after Bakkt was revealed to be working with major U.S. bank BNY Mellon. As we reported, the exchange was working closely with the institution to secure Bitcoin and other digital asset private keys, specifically through a system of geographic distribution. In the same announcement, it was revealed that Bakkt had acquired Digital Asset Custody Company (DACC), while securing a $100 million insurance policy with “global insurance carriers.”
  • Fidelity, TD Ameritrade, E*Trade: These three financial institutions, which are giants in their own right, are expected to soon allow for direct cryptocurrency trading on their respective platforms, opening the Bitcoin doors to institutions and retail investors alike.
Photo by Brooke Lark on Unsplash
Share !