Mark Weaden
E-commerce giant Amazon is poised to accept Bitcoin payments this year and launch its native token by 2022.
Reports are emerging that Amazon may look to follow Tesla allowing for Bitcoin payments and looking to offer its own cryptocurrency to use for purchase on-site. The reports come after a job posting was spotted looking for a Digital Currency and Blockchain Product Lead.
With the mainstream adoption of cryptocurrency continuing to spread, Amazon has recognized that it’s time to improve its payment offering by innovating the payment options and moving with the times. Big moves from companies like VISA and Mastercard in recent months show that major financial systems are preparing for what’s on the horizon for cryptocurrency.
What is the Amazon native token?
The new job role will entail building a Blockchain and Distributed Ledger, working with central bank digital currencies (CBDCs) to create a strategy and vision. The coin would have to be supported by its own independent sector of Amazon; modern UX design, token strategy and implementation, even a customer support team put in place.
As we’ve seen time and time again with new coins in the market, there must be a long-term strategy to deal with the evolution of the coin. A company the size of Amazon, with the reach and customer base it has, the success of this coin could reshape the way payments are made onJeff Bezos marketplace.
Allowing payments using Bitcoin just seems like a good strategic business, considering how many people are now invested in it. But, building a native token that can be used and traded by customers is something that could propel Amazon forward.
Will any other coins be offered?
Inside sources claim Jeff Bezos is behind the move, with the project green-lit since 2019. Once Bitcoin is available as a payment option, there is talk of adding additional currencies, the likes of Ethereum, Cardano and Bitcoin Cash, as well as a number of other popular currencies.
The term “tokenization” is used when referring to the new payment system that the company wants to implement, meaning customers would be able to pay for goods and services while earning tokens through a loyalty scheme. The scheme would work to encourage users to pay for goods using Amazon’s native token, opposed to fiat currencies.
The first phase of this project will be when Bitcoin becomes available on Amazon websites. From there, Amazon will likely monitor the popularity and usability of crypto payments from products, with the goal of bringing its own currency online sometime in 2022. Though, for now, this all remains largely speculation, as Amazon is yet to make an official statement.
