Amazon adopts cryptocurrencies

As Fergal Downey the VP of engineering at RBL said, the diverse business portfolio of the company allows to create really valuable blockchain solutions able to enhance the whole ecosystem. Amazon: Cryptocurrency Is Just for Exchange, Not for Payments Just at the end of , the news about Amazon registering several cryptocurrencies containing domains like amazonethereum.

According to the words of Amazon Pay's Vice President Patrick Gauthier, buying domains is nothing more than preventive measures to protect the brand name. At the same time, these measures can gain a probable continuation as it can turn out Amazon plans to enter a cryptocurrency exchange business. The growing interest concerning cryptocurrency investments and bitcoin cost spike may fuel this decision. One more company making cryptocurrency announcements at the end of is eBay.

Such a decision could make a massive step to the new horizons adoption for the company and the fintech world as a whole. However, there are several concerns about such a turnover. Other companies having integrated Bitcoin payments before struggled because of slow transaction times and volatility. The main issue is that the price could move dramatically during the time the transaction is being processed.

For instance, such a challenge caused an online games retailer Steam to cease the Bitcoin payments at their platform. What would be the implications if Amazon started accepting the digital currency? Amazon Explores Crypto — The Cryptocurrency and Blockchain World Goes Crazy Analyst Take: Coming off the back of a stellar set of Q2 numbers that were covered by my colleague Daniel Neman in a recent article , Amazon has recently posted a job listing that has garnered a lot of interest from cryptocurrency and blockchain technology watchers.

So, what would it mean for a prominent player such as Amazon to begin exploring crypto? Without debating the relative pros and cons of converting a fiat currency into digital currency, the trend is that increasingly governments are being forced to explore CBDC. One could argue that the fear of losing power through the control of monetary policy is too strong a lever to give up for governments and, therefore, a CBDC is a way to combat the decentralised nature of cryptocurrencies such as Bitcoin.

As we have seen in the U. Amazon is, as always, looking ahead. With the landscape of what money means, fundamentally changing for the first time since the move by the U. By positioning itself on the leading edge of cryptocurrency acceptance in the mainstream retail space, Amazon is probably thinking this trend is inevitable and therefore, it makes perfect sense to get ahead of it and gain early adopter customers through first mover advantage.

Thus, we are beyond the early adopters when it comes to acceptance. Tesla also recently started accepting Bitcoin as a form of payment for their cars on its website, and then abruptly stopped a few weeks later. With Jack Dorsey, the CEO of both Twitter and commerce ecosystem provider Square, also being a strong proponent of Bitcoin , the acceptance of Bitcoin as legal tender is being driven by strong, well-funded market participants.

As Cash. Bitcoin is also becoming legal tender. As recently as May of this year the first nation state announced that it was adopting Bitcoin as legal tender. In the days following the conference his announcements became law. While headline grabbing, the case for El Salvador is obvious. Since sending remittances often comes with substantial fees, anything with the potential to lower the cost could be of significant benefit to the Salvadoran economy. While El Salvador is certainly first and received no small amount of heat from organizations that would prefer to see the status quo remain such as the World Bank and IMF, they will not be the last.

The developing world will be watching closely the success of El Salvador in the coming months as it adopts Bitcoin as legal tender and surely other nations will follow suit if the outcome is positive. Against this backdrop, Amazon needs to be ready. If the trend for nation states adopting Bitcoin as legal tender continues on its current trajectory, I can envisage a world where the developing nations rally around Bitcoin and leverage the benefits of the currency and Amazon needs to be positioned for this outcome.

Will Amazon launch its own stablecoin? Amazon is more than just a retailer; they are key participants in the global supply chain and as a result flow huge amounts of money through their ecosystem.

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