eBay adds virtual currency section to its marketplace

In an interesting move, Ecommerce marketplace giant and parent company of payment method PayPal, eBay, is moving forward to offer

In an interesting move, Ecommerce marketplace giant and parent company of payment method PayPal, eBay, is moving forward to offer support for sales of digital currencies in its marketplace.

eBay recently started offering support for digital-currency listings on the classified section of eBay, eliminating full integration with eBay and its integrated payment solution PayPal. The news however shows a step forward in eBay and PayPal in embracing digital currencies.

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eBay’s has a strict “no-nonsense” policy for digitally downloaded or transferred  goods. eBay has found leeway in its policies to accommodate digital content with partnerships with large digital firms like digital comic book company  comiXology. Given smaller businesses and private sellers are the ones trading digital currencies like Bitcoin and Dogecoin, it is not fully certain what eBay’s policies will be just yet.

One current example for following in eBay’s current policies shows a Dogecoin listing on the eBay marketplace when after purchasing the item a flash drive with the virtual cryptocurrency loaded onto it will be shipped to the buyer.

“This will be shipped via USPS, UPS, FedEX, or the shipping method of your choice. Note to eBay: these are NOT being emailed,” stated the listing.

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It would seem eBay is testing the waters with digital currency integration. The most prominent digital currency, Bitcoin poses a direct threat to PayPal and other payment methods. eBay has filed patents on its own virtual currency, but nothing has come to fruition just yet.

When asked on the addition of a “Virtual Currency” section to the main US site eBay stated:

“To promote a trustworthy marketplace and ensure compliance with applicable regulations, eBay updated its Currency Policy in February. The updated policy clarifies that listings for Bitcoin and other similar virtual currencies must be listed in the Virtual Currency Category in the Classified Ad format. In terms of mining gear and mining contracts, those can be listed as auction or Buy It Now.”

 

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