Amazon Hints at New Interest in Cryptocurrency

July 26, 2021
Sarah Gormley

As the crypto industry expands, many of the world’s largest tech giants have shown little interest in implementing cryptocurrency and blockchain into their network — until now. E-commerce giant Amazon has hinted at a new interest in cryptocurrency and blockchain with the creation of a new job posting for a digital currency and blockchain expert.

With the cryptocurrency industry as a whole hitting a market cap of around 1.3 trillion dollars, a number that Amazon cannot ignore. The first step towards implementing cryptocurrency is their latest hire of a digital currency and blockchain lead. Previously reported by Insider, the job posting is as follows:

“You will leverage your domain expertise in Blockchain, Distributed Ledger, Central Bank Digital Currencies and Cryptocurrency to develop the case for the capabilities which should be developed, drive the overall vision and product strategy, and gain leadership buy-in and investment for new capabilities.”

As of now, the currency cloud-computing unit offers a service called managed blockchain, while they do not accept any cryptocurrencies as a form of payment. The new position will be a part of the Amazon Payment Acceptance and Experience Team, leading many to believe that the company is looking to implement crypto as a form of payment soon.

Amazon CEO and founder Jeff Bezos stepped down from his role in July after 27 years of running the company. These new steps toward implementing crypto are under the new Amazon CEO, Andy Jassy, who took over on July 5, 2021. Having such a large impact on the company in just under one month, it will be interesting to see how much will change within the next year under the new authority. 

The power that Amazon holds is incredible. Being one of the Big Five companies in the US information technology industry, along with Google, Apple, Microsoft, and Facebook, having Amazon look into implementing cryptocurrency and blockchain is a great achievement for the fintech world. If Amazon does in fact begin to accept cryptocurrency as a form of payment, it will most likely influence the rest of the Big Five, as well as many other technological giants, to reconsider accepting it as well. 

There are already rumors of Amazon accepting Bitcoin by the end of 2021 and developing its cryptocurrency by 2022. Do you think this will happen?

 

Reference:

Annierpalmer. “Amazon Is Hiring a Digital Currency and Blockchain EXPERT, Signaling a Growing Interest in Cryptocurrency.” CNBC, CNBC, 23 July 2021, www.cnbc.com/2021/07/23/amazon-is-hiring-a-digital-currency-and-blockchain-expert.html. 

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