EBay CEO Ready to Experiment with Bitcoin


EBay CEO Ready to Experiment with Bitcoin

ForexMinute.com – In his interview to Wall Street Journal, EBay Marketplace President and CEO Devin Wenig said that his company and PayPal is planning to experiment with Bitcoin in near future. He further admitted his openness towards Bitcoin, a thing which may work hugely in favor of the cryptocurrency if eBay plans to integrate it.

The interview however was centered on the future of the PayPal-eBay relationship after their split-up this year. Bitcoin meanwhile received little attention as the conversation advanced. Wenig indicated PayPal to be an avid researcher of Bitcoin technology, and the coin’s integration into the system would indirectly associate eBay to Bitcoin as well. “Both eBay and PayPal are open to [Bitcoin]—PayPal is experimenting with it—and through our relationship we’re likely to do the same. I am very open to it,” he quoted while ensuring a parallel professional relationship with the payment providing company.

The speculation over the possible eBay-PayPal-Bitcoin scenario was first aroused when eBay’s former CEO John Dunahoe started speaking in public about the advantages of digital currencies. The man then hoped its payment partner PayPal to integrate Bitcoin to eBay’s official wallets. Up later, PayPal started the limited integration approach by integrating Bitcoin payments via a merchant opt-in scheme. It was a separate program however, having nothing to do with eBay.

As the ecommerce sector moves to another era with the launch of new, decentralized marketplaces like OpenBazaar and Alibaba, the future indeed belongs to cryptocurrencies. It is the right time for eBay to recognize these early traits and integrate Bitcoin to ensure a long survival in the market. Meanwhile, the community will still be waiting for PayPal’s reaction over their future plans if such advancements take place.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com