eBay likely to launch its own virtual currency

The application, filed in June 2012 and published on December 2013, would let people buy products without creating a payment provider account. According to Mashable, the patent filing states that the recipient can use the token to purchase a product using a checkout via the payment provider, but will not require creating the users own payment provider account.

According to the application, the tokens would be for giving gifts, but in theory, they could serve as a currency that can be used for purchases outside of eBay and PayPal and would be a competitor to Bitcoin, dogecoin and litecoin, among others.

If eBay is successful in introducing its virtual currency, the company will follow in the footsteps of Amazon, which introduced Amazon Coins in 2013. Facebook also initiated its own virtual currency system, dubbed Facebook Credits, but the company ditched the idea in June 2012.