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- Amazon has officially dismissed speculations that it will accept cryptocurrencies as a form of payment this year
- Currently, the retailer does not take any cryptocurrency as a payment
- Even if reports of Amazon plunging in were exaggerated, the business is testing the waters
According to a story in a London tabloid, an unidentified insider at Amazon had learned that the company would begin accepting Bitcoin and other cryptocurrencies by the end of the year. This rumor soon gained traction on news websites and other media platforms. Amazon has since sent an email response denying the rumors. Amazon has rejected the City A.M. claim, saying it has no intentions to develop a cryptocurrency by 2022 and will not take Bitcoin this year, but it will continue to investigate cryptocurrencies and blockchain. Despite their interest in the field, the conjecture that has arisen about their precise plans for cryptocurrency is false. According to an Amazon spokeswoman, they are continuing to investigate how this can affect customers that shop on the site.
Amazon’s strategies to accept crypto payments in the future
According to a source quoted by City A.M., Amazon has a fully-fledged strategy to accept crypto payments and that it will be an important component of the corporation in the future. This isn’t just going through the motions of setting up cryptocurrency payment systems in the future — it’s a full-on, well-discussed, important aspect of how Amazon will work in the future, according to the person.
This proposal had even come down from Jeff Bezos personally, according to the insider. It all starts with Bitcoin — this is the crucial initial stage of this crypto endeavor, and the order comes from the top… Jeff Bezos himself.
According to an Amazon insider, the corporation is trying to add far more than Bitcoin and has been working on it since 2019. Before they bring about eight of the most popular cryptocurrencies online, Ethereum, Cardano, and Bitcoin Cash will be next in line. It won’t take long because the plans are in place and have been in the works since 2019. The project as a whole is almost ready to go.
Amazon is planning to launch its own cryptocurrency
After all of the major cryptos have been incorporated, the insider added, Amazon is seeking to establish its own native token. When all of these crypto ducks are in a row, there’s one more twist to help Amazon even more: a native token, according to the source.
Amazon’s decision to take Bitcoin and even go so far as to create its own token enraged the crypto community and Bitcoin soared over 11% in one day, only to plummet once the company rejected the claims. This is the second time in the last week that Amazon has been mentioned in connection with bitcoin.
On Friday, the business made headlines when it announced a new job opening for a digital currency and blockchain product lead who would own the vision and strategy for Amazon’s Digital Currency and Blockchain strategy and product roadmap. While Amazon has refuted the City A.M. insider’s reports, the company’s recent job advertising indicates that it is interested in bitcoin and blockchain.
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.
