Even though the prices of cryptocurrencies have been struggling recently, there is no denying that they are the closest we’ve ever got to creating a new financial frontier. But even as prospects in the industry continue to look bleak, investments in the sector by some of the world’s biggest corporations bring hope.
For instance, in mid-2021, Amazon announced they were hiring a digital currency and blockchain expert to lead their future roadmap strategy. And not forgetting that Amazon already has its own digital currency called Amazon Coins. Furthermore, other behemoths such as Meta and Apple have followed suit with their own crypto projects.
Meta is backing a cryptocurrency project called Diem, and Apple is also looking into hiring an expert to help usher them into the future of alternative payment methods. And we can’t help but wonder if this is the shift in wind crypto is looking for.
This article will look at what Amazon is doing in the crypto scene and what it might mean for the rest of the industry. So keep reading to learn more.
Is Amazon experimenting with Crypto?
Amazon, the company, does not allow its users to make purchases using cryptocurrencies. But that is not to say that Amazon is blind to the facts or that they’re not interested in cryptocurrencies.
On the contrary, Amazon has developed its own cryptocurrency called Amazon Coins that it’s testing out. The coins are currently only available on the Amazon ecosystem and for select products such as games and apps, but they are gaining traction, and you might see them on the Amazon store soon.
Furthermore, Amazon was looking to hire a digital currency and a blockchain expert to help them navigate the blockchain and distributed ledger waters. However, if you’re already on board with cryptocurrencies and think the Amazon corporate wheel is moving a bit too slowly for your liking. There is a way you can still use crypto on the platform.
Elevate Brands is teaming up with Coinbase to enable you to buy certain things from these subcontractors using crypto.
Furthermore, a number of products in the crypto space have relied on Jeff Bezos name to hype up their products. In Germany, many claims reference the Amazon relation to Bitcoin trading, others play on the Billionaire reputation; however, almost all of these claims are false.
Will Amazon allow cryptocurrencies as a payment method?
Some Amazon retailers are looking for ways to allow their customers to use crypto in their online stores more conveniently through partnerships with entities such as Elevate Brands. Amazon also owns a unique coin that’s in low use on the platform and hired a digital currency and a blockchain expert to help them prepare for the future.
However, cryptocurrencies have also dived over the same period, and their future is in question. But if you ask us, we think this is the same situation as Jeff Bazos’s boat stuck in Rotterdam because of a certain bridge. The city still needs billionaires to spend on luxury yachts, as Amazon needs people to keep buying from their site.
If they can find a way to get the yacht out of the docks, they can find a way to accommodate crypto on Amazon.
Does Amazon have any other plans in the crypto space?
In recent months, companies such as Meta, Apple, and Tesla have all dipped their toes in the cryptocurrency game to different degrees. For instance, Meta has put its baking to a digital currency called Diem in hopes of capturing their billions of users when the crypto market matures. On the other hand, Apple has also hired or at least announced that they are hiring a crypto expert to help them negotiate partnerships with alternative payment methods.
Furthermore, even more noteworthy, Tesla invested $1.5 billion in Bitcoin, signalling a changing sentiment towards crypto from these large companies. But don’t celebrate just yet. Tesla has since sold 75% of its Bitcoin holdings, leaving crypto’s shaky relationship with these companies on even shakier grounds.
However, this does not mean that Amazon does not have its own long-term goals with crypto. In fact, with the positive reaction Amazon Coins got on the platform, it might be a matter of time before they open it up to the public.
Final thoughts
Cryptocurrencies have redefined our relationships with money and the institutions that control its supply and demand. It’s always exciting when a prominent player like Amazon plays around with the possibility of allowing alternate payment options on their platform, as it would spark a new revolution in the financial markets. But as we wait for these so-called giants to spin their wheels and catch up with people’s sentiments. It will be exciting to see how everything plays out.
