amazon-to-accept-crypto

Amazon To Accept Crypto? Important Things You Need To Know

Amazon to accept crypto soon. Amazon may soon allow its customers to make payments in digital currencies like Bitcoin, as the e-commerce giant is recruiting a blockchain and cryptocurrency product lead for its payment sector. 

As per the latest Amazon cryptocurrency announcement, Amazon’s “Payment Acceptance and Experience” team is 

“Seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap”.

Earlier Amazon avoided cryptocurrency for its volatile nature. Yet the company is now set to change its notion and Amazon to accept crypto soon. In this article, we will discuss some Amazon cryptocurrency 2021 news. 

Amazon And Cryptocurrency

The e-commerce giant set tongues wagging over the weekend after publishing a job requirement for a blockchain and cryptocurrency lead. The job advertisement is a clear signal that Amazon to accept crypto soon. The advertisement calls for someone who can, 

“Leverage domain expertise in blockchain, distributed ledger, central bank digital currencies, and cryptocurrency”.

It further adds that it wishes to formulate, 

“The case for the capabilities which should be developed, drive the overall vision and product strategy, and gain leadership buy-in and investment for new capabilities.”

It does not require a genius to understand why Amazon is planning for this recruitment, but according to various sources, that plan is way broader than just planning to bring someone to look for the possibilities. 

According to a source, 

“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 product lead will operate closely with teams across Amazon, which will include AWS to formulate the roadmap for better customer experience, capabilities, technical strategies, and also the launch strategy. There is no Amazon Bitcoin payment or any other digital currency payment as of now. According to a company’s spokesperson, 

“Inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon.”

Presently AWS (Amazon Web Services) which is the cloud computing app provides Managed Blockchain service. The service enables users to create private networks or join public networks across various AWS accounts along with the open source framework, Ethereum, and Hyperledger Fabric. According to Amazon, this framework allows secure transaction and sharing of data on an immutable and distributed ledger. 

Now if you are wondering, how to invest in Amazon cryptocurrency? Then let’s clarify. There is no sure news on whether Amazon will formulate its own digital currency or it will accept payments in some already existing crypto like the Amazon Bitcoin payment. And there is no particular Amazon cryptocurrency name as well. 

Amazon Bitcoin: Latest Update

After the havoc controversy on whether Amazon will initiate its payment in cryptocurrency or not, Amazon has flatly denied any of the statements that were assumed before. On Monday, a Amazon spokesperson told in an interview, 

“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true.”

However the spokesperson did not oppose the fact that Amazon is doing research in crypto payments. He further added, 

“We remain focused on exploring what this could look like for customers shopping on Amazon.”

A Chinese crypto media outlet referred the rumored plans of Amazon to the increase in the market valuation of Bitcoin where Bitcoin witnessed a hike of approximately 15% in just less than 3 hours, despite the high fluctuations that are prevailing in the crypto market. According to the tweet by the Chinese crypto media, 

“Bitcoin rose by 12% in one hour, leading the increase. Because [the] Chinese have just gotten up. It is obvious that the price of Bitcoin has started to rise after this rumor about Amazon spread in the Chinese community.”

Apple To Accept Crypto

In a similar scenario, Apple has also posted a job advertisement seeking recruitment for “Business Developer Manager – Alternative Payments” this May that shows their interest in cryptocurrency. The payment vertical of the company called the WPC (Apple Wallets, Payments, and Commerce) was planning to recruit a development manager to conduct its “Alternative Payment Partnerships.” According to the co-founder and CEO of Zebi that is a blockchain company, 

“It is indeed a great sign that major companies are starting to adopt digital currencies. As true believers of decentralization, we have always seen this as inevitable. It is the equivalent of banks getting computerized 20 years ago.”

Conclusion

Due to the lack of demand, Amazon used to be skeptical about digital currencies in 2017, but as the popularity of cryptocurrency grew as a mode of savings and investments, there are enough people willing to use cryptocurrencies for payments and avoid the conversion into real money. So Amazon to accepts crypto. 

What remains to be witnessed is, how Amazon handles the fluctuations of digital currencies like Bitcoin that can fluctuate at any time? Will people need an Amazon Bitcoin wallet? Perhaps the company will convert the crypto to fiat money fast. On the other hand, it may wish to make some profits by waiting till the cryptocurrency price rises. But no matter how Amazon uses cryptocurrency in its working system, the very idea that such an e-commerce giant will accept digital currency raises their value and makes the holders richer.

Check Also

omicron-cryptocurrency-rise

Omicron Cryptocurrency Rise: Important Things To Know Before Buying

Omicron crypto with the token name OMIC was not so popular as digital currency until …

One comment

  1. Thanks for information!

Leave a Reply

Your email address will not be published. Required fields are marked *