Amazon & Bitcoin

Amazon seeks to enter the crypto industry in a big way - what will it look like?

Hey DEFI TIMES community,

There have been many speculations and rumors about Amazon entering the crypto industry this week. 

While most are likely to be untrue, we learned that Amazon is indeed diving deep into Bitcoin, crypto, and DeFi. Amazon does have an incentive to be at the forefront of innovation. In the end, it's one of the largest companies in the world and wants to stay there!

What’s Amazon's plan?

Amazon recently released a job posting that is looking for a digital currency and blockchain expert. In fact, Amazon seeks to find an “experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap.”

When asked about it, an Amazon spokesperson commented the following:

“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.”

That’s what we know; however, during the past few days, an article from City A.M. came out causing further speculations around the topic. A self-proclaimed Amazon insider commented the following:

“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,” she told City AM.

“It begins with Bitcoin – this is the key first stage of this crypto project, and the directive is coming from the very top… Jeff Bezos himself.”

“Ethereum, Cardano and Bitcoin Cash will be next in line before they bring about eight of the most popular cryptocurrencies online.”

“It won’t take long because the plans are already there, and they have been working on them since 2019.

“This entire project is pretty much ready to roll.”

The insider also told City A.M. that Amazon could launch a native token, which has been their plan all along!

How much of this is true remains uncertain - just after the article was published, Amazon denied everything the insider stated.

However, one thing is for sure: Amazon will not sit on the sidelines when crypto is basically disrupting traditional financial markets!

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DISCLAIMER: All information presented above is meant for informational purposes only and should not be treated as financial, legal, or tax advice. This article's content solely reflects the opinion of the writer, who is not a financial advisor.

Do your own research before you purchase cryptocurrencies. Any cryptocurrency can go down in value. Holding cryptocurrencies is risky.