EBay CEO outlines new digital wallet, storage facility as part of long-term strategy

The wallet is the manifestation of a years-long effort at eBay to both build and streamline its global payments platform, Iannone told MarketWatch in a phone interview. “The ability to store a cash balance” on the wallet gives buyers and sellers more flexibility, he said.

The San Jose, Calif.-based company also announced eBay Vault, a 31,000-square-foot secure storage facility for trading cards and collectibles, which will eventually include luxury goods and hold up to $3 billion in assets within a few years. It did not, however, discuss plans to accept cryptocurrency on the platform, as previously reported. 

The vault “is a game-changer for eBay in the ability for the physical to meet the digital, and in making it one of the largest stores of non-governmental assets in the world,” said Iannone. He added that eBay has created $20 billion in value for shareholders through the sale of StubHub and other assets.

EBay repeated its previous 2022 financial guidance, with revenue ranging from flat to 3% higher. In fiscal 2023, the company projects revenue will grow 5% to 6%, with earnings increasing 10%. For 2024, it sees revenue growth of 7% to 8%, and earnings to jump 15%.

Shares of eBay dipped 1% in trading Thursday, and are down 21% so far this year. The broader S&P 500 index SPX, -1.30% has slipped 10.6% in 2022.