21 September 2021
UPDATE (July 27th, 2021):
Amazon has officially denied plans to accept Bitcoin as a payment method. It gave the statement in response to media reports claiming that it is looking to add Bitcoin payments by the end of the year. While the report resulted in Bitcoin prices soaring high, Amazon's statement has brought it down once again.
Original (July 26th, 2021)
Cryptocurrencies have been around for quite a long time with many of the global brands now taking an interest in them as well. Amazon is said to be the newest player in the market that wants to start dealing in cryptocurrencies. A report from London-based online publication City A.M. cites an insider source to make some interesting claims.
The report reveals that Amazon is working on its cryptocurrency plans since 2019 and is now closer than ever to implementing them. It wants to start accepting Bitcoins as a mode of payment by the end of this year. It will then be moving to add more options like Etherium, Cardano, and Bitcoin Cash gradually. The ultimate goal is to release its own cryptocurrency that is expected to happen by 2022.
The interesting thing is that Amazon has even posted a job listing seeking a cryptocurrency and blockchain lead. The description mentions that they are looking for someone who can "leverage domain expertise in blockchain, distributed ledger, central bank digital currencies, and cryptocurrency”. While this does not exactly make it clear what is Amazon's end game, it does give us a clear hint that the company is keenly interested in cryptocurrencies.
It is not surprising to see companies accepting Bitcoins as payment modes. Tesla announced similar plans earlier this year but ended up rolling them back. The important thing to note is Amazon's plan to release its own cryptocurrency. It is currently referred to as the "native coin" by the insider. It is said that it might lure customers by giving them a chance to earn rewards if they choose to pay using the currency.
It further claims that Amazon's cryptocurrency goals are driven by none other than Jeff Bezos himself. He is the one sending out instructions about how to go about the whole project. As one would expect, Amazon is yet to comment anything on the matter but if it does, we will keep you updated.