Amazon’s Likely Cryptocurrency: What Do We Know?

Amazon is one of the largest companies in the world, with a firm grip on the global e-commerce industry and a reach that spans just about every country. The company has been working for years to get where it is, and it understands that staying at the top is much harder than getting there.

Amazon’s Likely Cryptocurrency: What Do We Know?

With Amazon now poised to expand, the company has been eyeing different aspects to foray into. As 2021 has shown, a digital currency is coming to Amazon.

Amazon is Confirmed to Be on the Crypto Train

The link between Amazon and cryptocurrencies was solidified earlier this year when the company updated job openings on its employment portal and confirmed that it was looking for developers to join its Digital and Emerging Payments (DEP) division. According to the job openings, the division was looking to launch a digital currency that will serve Amazon’s Mexican customers. Managers, engineers, software developers, and much more were asked to apply to join the company.

As data from the job portal showed, the opening was first posted last October. However, the updates showed that Amazon was indeed serious about the role. The digital currency payment service will start in Mexico, allowing the company's customers to enjoy seamless online payments when subscribing to services and purchasing goods on the e-commerce giant’s platform.

Then, in July, the big one came. Amazon published a separate job opening for a digital currency and blockchain development expert who will join its payments team and help build a path towards a digital currency launch. The expert will join Amazon’s payments acceptance and experience team, focusing on developing the tech giant’s digital currency and blockchain strategy.

The expert will also look into building a roadmap for the launch of both products. Amazon explained that it was looking for someone with experience in central bank digital currencies (CBDCs), blockchain technology, and cryptocurrencies to help build the capabilities under which its digital currency will be deployed.

With the latest job opening, everyone seemed to understand that Amazon will be going forward with crypto adoption. The company is currently looking to optimize performance and venture into new fields, especially since former chief executive Jeff Bezos stepped down for Andy Jassy - the former head of its Amazon Web Services (AWS) division.

A cryptocurrency will definitely make sense for Amazon. The company already has a significant user base, and supporting digital payments is set to make things even easier for everyone involved. Even if the rumored coin doesn’t list on exchanges or become a full-fledged cryptocurrency, the ability for it to help with payments will be a boon for the crypto space at large.

No, It’s Not Bitcoin

Amazon’s announcement immediately sent shockwaves to everyone. Some even believed that the company will open up its payment channels to support Bitcoin. A company insider spoke to British financial publication City A.M., explaining that it plans to start accepting Bitcoin payments by the end of the year. The insider added that Bitcoin support will pave the way for a broader acceptance of digital assets for Amazon.

“This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future — this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work,” the insider explained.

The insider added that Amazon will begin working on its digital currency as early as 2022. However, the support for Bitcoin will also help the company to test the hunger for and feasibility of crypto payments on a platform as large as its own.

But, Amazon was quick to deny the Bitcoin links. A spokesperson for the company told Reuters that the company doesn’t plan to support Bitcoin payments. The spokesperson explained that Amazon currently doesn't have any aspirations to support Bitcoin, although they also pointed out that the company is interested in the crypto industry.

“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” the spokesperson confirmed.“We remain focused on exploring what this could look like for customers shopping on Amazon.”

Following Other Tech Companies

The focus on cryptocurrencies is understandable. Amazon holds a significant position among tech companies in the world, and they understand that things are getting more competitive.

Facebook is still holding out hopes for its Libra stablecoin, while Tesla has been immersed in crypto from an investment and a functionality standpoint. Twitter and Square are also huge into crypto, with their CEO Jack Dorsey being one of Silicon Valley’s biggest crypto fans.

There are also rumblings of Apple doing something crypto-related soon enough. Eventually, all big tech companies will open their arms and embrace crypto. Why not do so now? While there isn’t much talk about Amazon and its crypto plans, it is sure that more details will come out in the coming months.

0 Comments • Tap In (Sign in) to comment

  • No comments yet