E-commerce giant eBay Inc (NASDAQ: EBAY) on Thursday showcased its first digital wallet in a presentation to investors, coming on the heels of media reports of its CEO hinting at accepting payments in cryptocurrency.
What Happened: The online marketplace told investors that its digital wallet would hit the market in the second quarter and enable customers to use proceeds from their sales to buy their next item or pay their selling expenses.
“We see incredibly compelling growth potential in this market and believe it is our opportunity to win by sharpening our focus and continuing to create value through a tech-led reimagination of eBay,” said CEO Jamie Iannone.
Why It Matters: Digital wallets are software systems that securely store payment information. These are also capable of storing private keys that would facilitate payments in cryptocurrencies such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE).
Last month, Iannone went on record to state that eBay is studying the possibility of adding cryptocurrency as a means of payment, and added that its March 10 investor day announcement would mark the start of a new payment strategy.
Price Action: eBay shares traded 0.34% lower after the bell on Thursday.
Photo by ebayinc on Wikimedia