Amazon CEO Andy Jassy told CNBC on Thursday that the e-commerce giant isn't poised to accept cryptocurrency as payment soon. However, Amazon may. The price of some cryptocurrencies has surged, after retailer Amazon revealed it was hiring an expert in the field. · It advertised for a ". Jassy said he remains interested in the future of cryptocurrencies and nonfungible tokens, or NFTs. CLEAR CONFIGURE CRYPTO ISAKMP
The new URL purchases are amazonethereum. What could this all mean? The fact that the company has mentioned two of the leading digital currencies bitcoin and ethereum in the domain names could mean that it is considering introducing some type of link to those currencies. One potential offering would be payment services utilizing one or both of the currencies. Another possible reason for Amazon's recent spate of domain purchases is simple brand protection.
The company can absolutely afford to collect a large variety of website addresses, potentially for the sole purpose of ensuring that those sites don't end up in the hand of someone else. These sites could dilute Amazon's brand if they are used in a way that is unaffiliated with the company.
In this scenario, it's likely that Amazon's purchase of these domain names does not suggest any immediate plans to launch a cryptocurrency or specific cryptocurrency-related products. On the other hand, there is also the possibility that Amazon is looking to launch a new currency of its own.
It would certainly not be the first mainstream company to do so. If it does launch its own cryptocurrency, there's a strong argument to be made that Amazon's size and brand power would provide a tremendous boost to that currency upon launch. On the other hand, if a company as prominent as Amazon creates a cryptocurrency, it may only be a matter of time before other major companies follow suit, potentially oversaturating the market and investor interest.
Only time will tell what, if anything, those domain names will be used for. Personal Finance. Company Profiles. Tech Stocks. International Markets. Your Money. Your Practice. Popular Courses. News Cryptocurrency News. Those benefits include:. Getting a DeFi loan for your small business is barely more challenging than placing a dinner order with GrubHub. All said, I believe Amazon will likely ease into accepting certain crypto payments for its retail web store before the end of The move could save Amazon hundreds of millions annually in credit card processing fees and significantly reduce exposure to credit card chargebacks, and blockchain payments would reduce fraudulent transactions.
That's all great, but here are some things to consider that suggest Amazon's crypto aspirations are much bigger. You may not know it, but Amazon currently has a unique digital currency of its own that's been around for years. It's called AmazonCoins. While the tokens can currently be used only for Amazon-hosted gaming and apps, it already exists and has traction within the Amazon ecosystem. The way I see it, expanding it into a loyalty token for Amazon Prime members and then launching some version of it publicly is very likely.
According to Statista, Amazon has million Prime members globally as of Q1 Members get free two-day delivery on all Prime items as well as free access to select Prime entertainment content such as movies, TV shows, music, e-books, and more. Prime members tend to be early adopters and supporters of all things related to Amazon. Next, Amazon is one of the most trusted brands in the world, currently at No. In this ranking, Amazon is more trusted than Visa or Mastercard and is only three spots behind PayPal.
A quarter-billion Prime members already trust their credit cards with Amazon. A "trusted" Amazon DeFi suite of services might be a welcome alternative to many customers who are tired of bank fees, invasive credit checks, fractional interest rates, and long settlement timelines. AWS provides purpose-built tools to support your distinct needs, whether you need a centralized ledger database that maintains an immutable and cryptographically verifiable record of transactions, or a multi-party, fully managed blockchain network that helps eliminate intermediaries.
If Amazon can "eliminate intermediaries" for its blockchain clients, what's to stop it from eliminating intermediaries i. Small-business owners could benefit greatly from a trusted, established DeFi disrupter to traditional banking. Amazon has already disrupted--and continues to disrupt--several industries including: cloud computing, book stores, big box retailers, web hosting, entertainment, pharmacies, grocery stores, trucking, and home delivery.
Why not banking and finance next? Top Stories. Top Videos. Image: Getty.
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