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- Amazon revealed its motives and declared to launch its digital currency shortly
- Mastercard claims to support crypto payments on its network by the end of 2021
- While Bitcoin and Ethereum remain muted on Wednesday evening, other altcoins projected bull rally
The two major economic space playersーAmazon and Mastercard have revealed their motives to explore and implement cryptocurrency within the ongoing year 2021.
The prime news came via Amazon when the company announced to hire developers who can work on digital currency projects aimed to set up in Mexico. The second major news came up via Mastercard when the company proclaimed to support cryptocurrency payments later this year.
Amazon to Introduce Its Digital Currency
Amazon is planning to roll out its own cryptocurrency project in Mexico later this year. The project is suspected to be a stablecoin project. Details about this project are yet to be disclosed by the company. However, the company claims that users can convert cash into digital currency and further utilize it. Users can enable online services, including shopping for goods and other services like Amazon Prime Video through the amazon digital currency.
Amazon strives to take the vital decision of digital currency launch amid the emerging economies; thus, the decision may go extremely positive at their end.
Mastercard To Support Crypto Payments
The second and significantly larger news has come out mentioning the father of payment processing, Mastercard. By the end of 2021, Mastercard claims to support cryptocurrency payments over its network. The company has already worked with Wirex and BitPay. Wirex offers users to exchange any cryptocurrency with fiat money, whereas BitPay only allows users to exchange Bitcoin and Bitcoin Cash with Fiat Money. It would be the prime time when Mastercard will incorporate crypto payments within its network.
In 2020, PayPal began cryptocurrency payments on its network and opened the gates for its 150 Million users to start utilizing crypto. However, if Mastercard enters into space, which it will do by the end of 2021, Mastercard would expose its 750 Million users to crypto, i.e. one-tenth of the entire world’s population.
Market Overview
The market dominatorsーBitcoin and Ethereum have taken a short break from bull rally since a couple of market sessions, while the altcoins have consistently projected a bullish behaviour.
February 11, 2021: BTC trades 3.16% lower at $44,977. Likewise, ETH price plunged 3.84% to $1,741. A significant surge was observed on smart contract based coins like Cardano (ADA), Polkadot (DOT), Solana (SOL), Stellar (XLM), Aave (AAVE) and Avalanche (AVAX).
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
