eBay CEO Reveals New Digital Wallet

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ebay digital wallet

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It was a comeback for eBay Inc. CEO Jamie Iannone on Thursday at the company’s investor day.

In his first meeting with analysts since assuming the CEO role at eBay (nearly two years ago, Iannone outlined a long-term strategy for accelerating growth — including plans for a digital wallet and a renewed focus on vertical markets for “non-new” goods such as sports cards, sneakers, and watches.

The wallet is the culmination of a multi-year effort by eBay to develop and optimize its worldwide payments network, Iannone told MarketWatch in a phone interview. “The option to hold a cash balance” in the wallet provides more flexibility for buyers and sellers, he said.

What about Bitcoin

Additionally, eBay launched eBay Vault, a 31,000-square-foot safe storage facility for trading cards and collectibles that would soon encompass luxury items and be capable of holding up to $3 billion in assets within a few years. It did not, however, mention the platform’s ambitions to accept cryptocurrencies, as previously reported.

The vault “changes the game for eBay by bringing the physical and digital worlds together and by transforming it into one of the world’s greatest repositories of non-governmental assets” according to Iannone. He noted that eBay’s sale of StubHub and other businesses generated $20 billion in value for shareholders.

It will be interesting to see how eBay moves forward and how they will integrate their wallet into the platform. Will eBay create its own currency backed by its repositories? Or, will eBay soon move forward and integrate Bitcoin and Lightning into their digital wallet?

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