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eBay CEO hints at Digital Wallet launching in second quarter

eBay CEO hints at Digital Wallet launching in second quarter

In a meeting with analysts, eBay CEO, Jamie Lannone reviewed the company's progress and outlined a number of product announcements, hinting at a digital wallet that will be ready for use in the second quarter. 

During the pitch to shareholders, CEO Lannone outlined the company’s focus on vertical markets, which includes products such as collectible sports cards. With over 88% of EBay stock held by institutional investors, the Investor Day presentation is a significant event for both EBAy and its shareholders.

During the presentation, a number of product announcements were made, including eBay Vault, a new 31,000-square-foot secure storage facility for trading cards and collectibles, that will grow to include luxury goods in the future.

 “Within a few years, eBay expects the Vault will hold up to $3 billion in assets, making it one of the largest stores of non-governmental assets in the world,” and will  “provide peace of mind and convenience for the company’s millions of buyers and sellers.” Lannone noted in the presentation. 

On one of the presentation slides, eBay shared a digital wallet mock up, hinting at their foray into cryptocurrency. While eBay has previously made comments regarding crypt payments, revealing in an interview with CNBC that they are “always looking at the most relevant forms of payment and will continue to assess that going forward” CEO Lannone added last year that “we have no immediate plans, but it is something we are keeping an eye on," 

The eBay CEO announced back in 2021 that the ecommerce platform is exploring how it could integrate crypto payments and NFTs onto their existing model, announcing in May that it had updated its seller policy to allow the sale and auction of NFTs

Lannone added in the recent update that eBay is “continuing to look at new forms of payment to add now that we’ve got the rollout of global payments complete", and that the digital wallet would launch in the second quarter.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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