Amazon, the global e-commerce giant, never ceases to impress with innovative ideas and is looking to find a spot in the crypto world.
Though the exact details of this anticipation are unclear, recent events happening at Amazon virtually signify the beginning of Amazon cryptocurrency.
The company had earlier last month posted a job ad for the position of “Head of Digital Currency and Blockchain”, as published by Fintech Magazine.
The leader will see the conception and development of Amazon’s cryptocurrency while incorporating blockchain technology into its platforms.
This direction follows the escalating competition from other major industry players, such as Meta (formerly Facebook) and Google.
According to an article published by CoinDesk, Meta is currently creating a compelling blockchain concept.
On the other hand, Google recently partnered with Bakkt, ushering cryptocurrency acceptance into Google Pay.
Blockchain and cryptocurrency development is still in the initial steps. Hence, there is still room for expansion and improvement for a better user experience.
Amazon has its own digital coin
Did you know Amazon has its own unique digital currency? It’s called Amazon Coin, and it’s been around for several years (since 2013).
However, currently, Amazon Coins can only be bought and used to purchase apps and games on the Amazon Appstore.
Probably, it might be expanded as a loyalty token to Amazon’s Prime members, then a version of it launched as a cryptocurrency.
Being one of the most well-known, preferred, and trusted brands globally, its aspirations, though unclear, are great. With over 250 million Prime members worldwide, many of its users are more likely to embrace its crypto token after launch.
Anticipation and speculation
This is not the first speculation of Amazon’s interest in the crypto space.
The entry of Amazon into blockchain technology will see the industry attract millions of investors, enabling blockchain developers to come up with even better products.
It is expected that customers will enjoy the opportunity of using the token when shopping on Amazon.
They will probably name the digital currency ‘Amazon Managed Blockchain’. It will be good to see how it will stack up to bigger cryptos such as bitcoin and ethereum.
With Amazon on board, the crypto industry may see other companies join in from various sectors, making it convenient for consumers to use cryptocurrencies to purchase goods and services.
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