Jeff Bezos and Amazon Display Interest in Digital Currency Payment Service

There are speculations that Amazon is creating a cryptocurrency for the 'digital and emerging payments' division of the company. Major publications reported in February of this year that the e-commerce giants have already started recruiting staff in Mexico and Brazil.

By
Ahamdi Abarikwu
on
April 23, 2021
Category:
Blockchain News

Amazon's Cryptocurrency and Bitcoin

The news was first reported by Coindesk, as Amazon had already put out job ads for engineers and software development managers to develop their virtual currency. One of the job ads read "we seek a leader to help in launching our new payment product which will likely commence in Mexico." 

Another job ad stated, "we want to complete the realization of our 3-year vision for emerging countries with a new initiative in Mexico, Brazil, and other emerging countries to create an end-to-end payment experience for our customers in these regions." 

These job openings have since been removed


Amazon in Uncharted Digital Payments Territory?

In recent years, Amazon has had massive e-commerce investments in several countries. The company chose to launch its payment services after facing huge global competition. Amazon seems to be taking the safer route of launching in emerging countries. In contrast, Facebook's attempt to launch its digital currency is beset by several regulatory issues.  

Amazon's impending move into cryptocurrency might be connected with the decision for Jeff Bezos to step down as CEO and hand over the company's reins to Andy Jassy. Jassy was responsible for the launch of Amazon managed blockchain service during his stint as the Amazon web services CEO. Amazon managed blockchain service allows developers to build in Hyperledger Fabric without owning any hardware or hosting. Now, he might want to launch Amazon's digital currency to expand the payment options for users; this may be an attempt to further innovate branded credit cards, and checking accounts. 

Source

As larger companies incline towards digital currency payments, this service's popularity won't wane soon. One good outcome about this move is that Amazon has the resources to experiment and won't mind any outcome; however worse it may be.

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Ahamdi Abarikwu

Ahamdi Abarikwu is an Electrical Engineer and a lover of anything crypto. He is also an avid writer, proofreader and editor. He loves to play Scrabble in his spare time. He hold bags mostly in BabyDoge, CSM (Crust Storage Network), and JulD.

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