Amazon wants to integrate bitcoin payments - and introduce its own coin by 2022
The rumours are growing: Amazon intends to enter Bitcoin and crypto payments. According to a job posting on its website, the e-commerce titan is looking for a "Digital Currency and Blockchain Product Lead".
Amazon is looking for someone with the ability to "innovate within the payments and financial system" for its "Payments Acceptance & Experience Team".
Working with other departments, the crypto product lead is expected to use their experience with bitcoin, blockchain and distributed ledger technology, central bank digital currencies (CBDCs) to develop strategy and vision.
The job description refers to services, customer experience and a full technical strategy to support the project.
According to news website City A.M., an "insider" has confirmed that Amazon "definitely" wants to introduce bitcoin and crypto payments by the end of the current year. In addition, the e-commerce giant could launch its own token by 2022.
According to the insider, Amazon has a plan that goes beyond the job of "digital currency and blockchain product lead". The source on this:
"You don't just set the stage to set up cryptocurrency payment solutions at some point in the future - this is a full-fledged, well-discussed, integral part of the future mechanism of how Amazon will operate."
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The insider also adds that the project has the approval of "the very top" - Amazon's executive chairman and founder Jeff Bezos himself.
"It starts with Bitcoin - that's the critical first stage of this crypto project, and the directive comes from the very top..."
The project is "pretty much ready to go" and will start with Bitcoin - but will not be limited to it. Amazon executives are apparently "keen" to explore payments with other cryptocurrencies in the top 10 by market cap. This second phase should be launched once they have established "a fast and secure method" for crypto payments, they said.
"Ethereum, Cardano and Bitcoin Cash should be next in line before they bring about eight of the most popular cryptocurrencies online. It won't take long - because the plans are already there, and they've been working on it since 2019."
A final step will be the creation and launch of an Amazon-native token. The company has reportedly been experimenting with cryptocurrencies as a means of payment for about a year - and believes it is possible to work towards "tokenisation".
"This then becomes a multi-level infrastructure where you can pay for goods and services or earn tokens in a loyalty programme. There's not much more at the moment, but you can expect the Bitcoin plan to be closely monitored while the possibilities with Amazon's own version of a cryptocurrency are explored."
Amazon has not issued an official statement on its alleged crypto project. Thus, until official confirmation, everything remains a rumour and speculation and should be taken with a grain of salt.
Currently (time of this writing) Bitcoin is trading at $38,600 - up 12% in the last 24 hours.