Amazon to launch a Digital Currency Payment Project – Amazon Coin upgrade?

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Major multinational companies are slowly softening up to cryptocurrencies after big names like PayPal and Tesla have hopped on board the trend. These industry giants buying bitcoin has been the biggest sign of institutional adoption yet. It seems retail giant Amazon is looking to enter the market now.

According to reports, Amazon might be working to deploy a new payments system involving “Digital and Emerging Payments (DEP)”. Even though there has been no official announcement from Amazon, a series of new vacancies at the company has shed some light on it.

“We are looking for a leader to help us launch a new payment product starting with Mexico as our initial launch country. This product will enable customers to convert their cash into digital currency using which customers can enjoy online services including shopping for goods and/or services like Prime Video,” one listing said.

The listings donot name any of the cryptocurrencies that will be supported by this platform, and it’s not certain whether the public cryptocurrencies like Bitcoin and Ethereum would be supported. It stated that applicants should be comfortable with designing new systems with appropriate technology and native AWS technologies. However, using cryptos like Bitcoin could greatly boost the platform’s liquidity as the crypto market is heavily bullish at this moment.

The DEP division seeks to roll-out this product in Mexico first, but a separate listing hints that the product will target the emerging markets so more nations could follow.

Amazon involved for a long time?

Back in 2017, Amazon had purchased some digital currency-related domains like amazoncryptocurrency.com, amazonethereum.com, and amazoncryptocurrencies.com, in addition to the amazonbitcoin.com that they already owned, per a CNBC report. These acquisitions were a direct hint at the company’s interest in getting involved with the emerging asset class.

Ripple’s chief technology officer David Schwartz also aired doubts about whether Amazon would develop its own cryptocurrency or rather just enter the existing cryptocurrency market. In a post on Quora, Schwartz said:

“Imagine if you had one currency that you were paid in, one currency that you had to pay taxes in, one currency that you used to pay your rent, one currency that you used to buy groceries, and so on. That would be a confusing mess. Not only would you incur lots of pointless fees converting between currencies, but you wouldn’t know what fraction of your salary you needed to pay your rent because the currencies could change value relative to each other.”

But it must be noted that the company already has its own coin dubbed Amazon Coins which are available for use on apps, games, and in-app items. But it has never been linked with cryptocurrencies. Is it set to receive an update? This is already a pre-built internal eco-system that just needs to switch to blockchain.





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