How long before Amazon launches its own cryptocurrency?

How long before Amazon launches its own cryptocurrency?

Last week I wrote about Amazon, the world leading e-Commerce shop and one of the most innovative and influential tech companies, which revolutionized the shopping habits of consumers with its new commercial system.

To keep up in this globalized world, it is necessary to always be one step ahead. That’s what will allow us to survive and affect in a meaningful way the new trends and needs of a given market.

Nowadays, we frequently hear about a controversial topic: The famous Bitcoin and cryptocurrencies in general. Those assets are increasingly setting a trend in financial markets and currencies around the world, since its creation has facilitated the blooming of a new financial ecosystem.

Amazon is no stranger to the subject and, as many other e-Commerce giants, is turning its focus to the crypto-asset world. The evidence is the acquisition on  last October, of three domain names related to cryptocurrencies: amazonethereum.com, amazoncryptocurrency.com and amazonbitcoin.com.

The acquisition spread the rumor that the company will soon begin to accept digital money as a form of payment, but the company hasn't confirm anything. One possibility is that Amazon's legal staff is making due diligence to ensure that scammers won't take advantage of its customers. The other is that they’re preparing to join the cryptography world.

Amazon is the world’s biggest retailer and one of the most powerful companies. It manages almost half of the online shopping in the U.S. and has operations all over the world.

Although it accepts a wide range of paying methods, it still doesn’t take payments in Bitcoin or any other cryptocurrency, despite the fact that, as the world’s leading online retailer, the company is in a privileged position to do it.

Any cryptocurrency Amazon chooses to adopt, would surely had great acceptance, since the backing of such big company would boost cryptography like never before. So, what exactly is Amazon waiting for?

There are several signs suggesting that Amazon might consider the option, since it is unlikely the company will stay away from the sector much longer. It's even rumored that it will create its own cryptocurrency, since it has the financial means and tech support to make it happen.

Amazon loves playing in high-potential fields (like Amazon Prime), where it can take advantage of its huge army of developers to make big plays. Its inventory goes from the cloud storage to video streaming and hardware options. If the company sees any potential in the cryptocurrency field, it has the technologic resources to join. It wouldn’t be the first time an established company launches its own Token.

Here are some possible scenarios in case Amazon launches its own cryptocurrency:

  • It would extend its use through all its services: Amazon Prime, Twitch, Audible, etc. That would allow the customers to easily transfer funds inside the Amazon ecosystem.
  • It could overtake any other cryptocurrency, becoming the best option by offering 5% to 10% discounts in all purchases with AmazonCoin.
  • With thousands of developers, it has the technical resources to design a currency that outstrips Bitcoin in scalability and privacy matters, processing payments more quickly, which is one of the main reasons it hasn’t adopted Bitcoin or Ethereum.

At this moment, Amazon won’t reveal its plans, although any cryptocurrency it choses might become mainstream overnight. It seems like it's only a matter of time until Amazon decides to join the new trend of cryptography and Blockchain technology.

 

By Ana María Morales

  •  Ana Maria Morales Rosales

    Ana Maria Morales Rosales

    Profesional en Administración de Negocios Internacionales con especialidad en Gestión Contable y Financiera y empresaria independiente, cuenta con 5 años de experiencia en la comercialización de intangibles y la creación de equipos de trabajo de alto rendimiento, conformados por emprendedores de diversos sectores del mercado, tanto en Colombia, como en otros países de Latino América.

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