Recent reports that Amazon Inc. might start accepting crypto payments have stemmed from a vacant job posting listed by the company last week, seeking a “Digital Currency and Blockchain Product Lead.”
Amazon is known for being an expansive company that supports and conducts a wide range of experiments and initiatives, so a job listing from the company may be nothing more than an exploration of a new possibility, and may not necessarily result in a new product or service.
The financial publication CityAM reported on Monday that according to an “insider”, Amazon is planning to accept crypto payments, specifically Bitcoin, by the end of the year, and is also planning to introduce its own digital coin by next year.
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.” according to the insider.
But Amazon has denied these allegations.
Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” said a spokesperson from Amazon.
Founder and CEO of Amazon, Jeff Bezos
They continued by saying that the company will “remain focused on exploring what this could look like for customers shopping on Amazon.” The company has confirmed their interests in cryptocurrency and digital tokens in the past by stating that these currencies are popular with younger tech-savvy shoppers, and a move toward cryptos could see an increase in shoppers overall.
We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon. We believe the future will be built on new technologies that enable modern, fast and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible,” in a statement by Amazon.
It’s difficult to tell if this is a planned move for Amazon, or if they are just exploring the possibilities and researching the pros and cons of what crypto purchases could mean for the company.
Other major tech companies have recently made a move toward accepting crypto purchases. PayPal Holdings Inc. had launched its crypto checkout service through its payment app in April this year. Furthermore, this popular payment provider has reported that clients who make use of this feature have logged onto PayPal twice as much as before.
The electric car manufacturer Tesla had also started accepting Bitcoin in exchange for their vehicles in March this year, but CEO Elon Musk had put a stop to Bitcoin payments shortly after as concerns of Bitcoin’s environmental impact came to light. However, Musk has announced this month that the company would resume accepting these payments once the Bitcoin mining industry moves toward renewable energy.
Rumors of Amazon’s possible leap into the crypto space saw the Bitcoin price surge to about $40,000, which was a rise of almost 14.5% shortly after reports of the company’s new Bitcoin venture rocked the crypto world.
Cryptocurrencies have fallen victim to much scrutiny in recent months, and a move like this from Amazon could only help to create a positive “image” for cryptos. It would be interesting to see how the company deals with the volatility related to cryptocurrencies and how they integrate this payment method with their already existing platform.
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