Key takeaways:
- Following the news, the price of Bitcoin jumped up more than 10% and recorded the single largest 24-hour gain in more than a month.
- According to an unnamed source, Amazon is gearing up to accept Bitcoin as a payment option by the end of 2021.
- The support for Bitcoin Cash, Cardano and Ethereum is coming soon after the initial launch.
- The e-commerce behemoth is also contemplating the release of its own token with a supposed launch date sometime in 2022.
It all started with a simple job advert in which the e-commerce giant Amazon made apparent that it was looking for a blockchain technology expert to supposedly lead its new digital currency department. What followed was a crazy market rally, which saw the total crypto market cap record an 8% gain and Bitcoin reach its highest price in over a month.
Amazon is preparing for the digital currency era
Granted, the tech giant has not yet even hired its cryptocurrency product lead, however, there are several tidbits of information and rumors from those in the know already floating around on the internet.
The first step of the way for Amazon is to create a long-term vision for the upcoming changes that will shape up the financial services industry. The new Product Lead will have to take into consideration Bitcoin and other tokens, the effect blockchain will have on payment processing, and ponder the effects of central bank digital currencies (CBDCs) to create a coherent strategy for the company’s future.
“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.”
– Amazon “insider
Amazon is looking to accept Bitcoin and other tokens as new payment options
According to City A.M.’s unnamed source, CEO Jeff Bezos himself has given the approval to explore the possibility of paying with Bitcoin on Amazon’s online platform. Additionally, the new changes will not include only the largest cryptocurrency as the shopping giant is actively looking to incorporate other digital tokens in its payments solution. The insider also added that the project’s roots date all the way back to 2019.
Supposedly, the company is gearing up for the launch of the new cryptocurrency service with Bitcoin as an exclusive by the end of the year. However, Bitcoin Cash, Ethereum and Cardano will become available soon after the initial launch. Furthermore, all digital coins in the top 10 by market capitalization are being seriously considered as further additions down the line.
“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon.”
– Amazon spokesperson
The e-commerce behemoth is planning to release its own token by 2022
Amazon is not eyeing just the possibility of adding existing coins to its repertoire of payments options. The company is also seriously considering the release of its own in-house developed digital currency.
The inclusion of its own token would not only give Amazon customers the ability to pay for goods and services but also grant them the ability to earn additional tokens via a newly developed loyalty program. While the unnamed source was all but certain about the release of the Bitcoin payment option by the year’s end, the details about Amazon’s token were more scarce.
For the time being, Amazon has declined to release a public statement about the most recent rumors.
