Changpeng Zhao, CEO of Binance crypto exchange is optimistic that various organizations especially Amazon, would issue or accept cryptocurrencies in future.
According to a tweet the 41-year old Chinese-Canadian stated that virtual enterprises around the world should take advantage of the full functionality of cryptocurrencies in the payment of goods and services. This is because of its cheaper and faster processing of cryptocurrencies when compared to the regular daily fiat transaction.
“For any internet (non-physical) based business, I don’t understand why anyone would not accept crypto for payments. It is easier, faster and cheaper to integration than traditional payment gateways.”
During the conversation, a Twitter user ‘DAN the Bull’ suggested that for companies to fully utilize cryptos as a payment option, Changpeng Zhao would need to speak with Jeff Bezos, CEO of Amazon so that other online marketers can follow the pathway set by the e-commerce giant.
Zhao replied by saying, “Amazon will have to issue a currency sooner or later.”
In the recent past, Amazon has been able to adopt blockchain technology for its supply-side and shipping logistics problems, but plans that had linked to the adoption of cryptocurrencies has not yielded positive results.
There is a possibility that Amazon is making plans to launch its cryptocurrency because this is not the first time Zhao would be hinting on the possibility of Amazon’s adoption of digital currencies.
Around December 2018, Zhao also tweeted that he is still optimistic for the day Amazon would either accept or issue its cryptocurrency.
Easier to bring crypto to him. waiting for the day Amazon accepts (or issues) crypto.
— CZ Binance (@cz_binance) December 8, 2018
Slow crypto adoption
Mainstream Cryptocurrency adoption has always been a subject of discussion, with many crypto analysts believing that the feats cryptos have achieved in many societal aspects is enough to trigger widespread adoption.
These successes should have made cryptocurrencies to be a recognized payment option for most organizations but instead, it has suffered low acceptance by most firms.
This issue can be traced to the high volatility and lack of scalability associated with most crypto tokens. Also, the issue of unfavorable regulations dished out to cryptos by most countries has been a stumbling block for crypto acceptance.