Altcoin News: CEO of eBay Spoke About the Reasons for the Company’s participation in the Facebook Cryptocurrency Initiative

July 23, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

eBay President and CEO Devin Wenig expect digital assets to play an important role in global commerce over the next decade.

In a conversation with CNBC, Wenig raised the topic of last week’s hearings about the Facebook cryptocurrency project in the US Congress, which showed that there are two things that nobody understands, but everyone is afraid: Facebook and cryptocurrency.

eBay has become a founding member of the Libra Association.

“We are sponsors of this, in part, because crypto and blockchain, in particular, have great promise,” said Wenig, adding that currently, digital marketplaces have to incur large costs in the process of accepting payments.

At the same time, the participation of eBay in the Facebook project does not mean that the company is confident in the success of Libra, Wenig explained:

“Will Libra work? I think it is speculative,” Wenig said on “Squawk on the Street.” “We all know that. But it is promising, and it’s worth a try.”

eBay CEO also announced that it supports regulators who require Facebook to comply with regulatory requirements in the process of creating a new accounting mechanism. At the same time, he believes that Libra can increase the level of competition in the money transfer industry and “return money to the pockets of small American businessmen.”

“So let’s not forget about the larger picture: cryptocurrencies should play an important role as a tool for transferring money over the next decade, particularly in the digital business industry,” he added.

Shortly before the Libra announcement, eBay representatives stated that cryptocurrencies are not part of their “payment strategy”.

Author: Marko Vidrih