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HomeNFTFamous e-commerce behemoth, eBay acquires KnownOrigin for NFT-oriented projects

Famous e-commerce behemoth, eBay acquires KnownOrigin for NFT-oriented projects

On June 22, the famous Amazon competitor, eBay, acquired KnownOrigin, one of the leading NFT platforms. With this acquisition, eBay joins NFT-oriented startups like OpenSea and RareBits to solidify their positions in the asset class. 

According to the official press release, the acquisition is part of the company’s “tech-led reimagination.” As of now, the companies have not mentioned the financial details of this acquisition.

To become one of the leading NFT platforms, KnownOrigin provides a full range of value-added services including issuance, exchange, escrow, and settlement. The NFT ecosystem has experienced significant growth over the last few years, and according to eBay CEO Jamie Iannone, the e-commerce giant is looking forward to hosting a passionate community of artists and collectors.

KnownOrigin was founded in 2018, making it one of the world’s oldest marketplaces. The Manchester-based start-up, which began in a basement, raised £3.5 million in investment after completing its Series A round in February. 

Lannone has said repeatedly that the firm is exploring cryptocurrency payments, although the San Jose, California-based company has yet to implement them.

In 2013, the e-commerce behemoth, which rose to popularity during the late 1990s dot-com boom, has been meeting up with the idea of accepting Bitcoin.

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Jeewan Singh
Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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