Amazon entering the crypto market and opening its big arms to those who want to use it for purchasing products. The Rumors are that the e-commerce giant will start off with the strongest of the coins before going further to the smaller ones. In the near future, you could start buying at Amazon with bitcoin. It’s a big step for cryptocurrencies to reach mainstream markets.
How this will affect Amazon?
Following bitcoin’s success in recent years, it is no surprise that Amazon is seeking to integrate blockchain and digital currency into its already established company. This could set the stage for broader mainstream acceptance of crypto transactions, increase transaction speed, and make payments more secure. The source stated that the billion-dollar company has been working on the plan since 2019 and implementing it won’t take long. After implementing bitcoin payment, other major cryptocurrencies including Ethereum, bitcoin cash, and Cardano will follow suit. And after these digital currencies are established, then Amazon will further add eight other popular cryptocurrencies.
It’s Way bigger than just setting up a new payment option
As technology keeps evolving, everybody is gradually envisioning a future with modern, ultrafast, inexpensive payments. Like other giant companies, Amazon is looking to bring that future to its customers as soon as possible. While we don’t exactly know the exact time for this implementation, an insider at the company [who reportedly told London business newspaper City A.M.] has revealed that Amazon is also investigating its own token as early as 2022, claiming Amazon’s crypto project “is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work.” Amazon’s own token would help it maintain its focus on improving customer experience. Meanwhile, the introduction of Amazon tokens could enable its users to earn tokens in a loyalty scheme.
How this will affect cryptocurrencies?
Already, cryptocurrency has established itself as a convenient and secure way of making payments for goods and services. Digital currencies have made an impact in the last few months and this has attracted a lot of tech giants. First, it was Microsoft, then Apple, now Amazon is joining the bandwagon. We’ve experienced space traveling, 5G, IoT, VR/AR, self-driving cars, robotics, etc. However, cryptocurrency has become the innovation of the century and more companies will keep exploring how they could benefit or start leveraging cryptocurrencies and blockchain technology.
Final Thoughts
Just as we experienced with Tesla in recent months, speculation about Amazon’s entry into the cryptocurrency sphere has been raging for days after announcing its interest in the crypto world on the company’s job board last week. Amazon’s recent job description would be ideal for experts in cryptocurrency, blockchain, central bank digital currencies, and digital currency strategies. Meanwhile, the eCommerce giant will be recruiting a technical lead to help develop its new “Digital and Emerging Payments” platform.
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