Retail giant Amazon is reportedly looking to start accepting Bitcoin payments before the end of the year and will develop its token by 2022
Online retail giant Amazon will start accepting Bitcoin payments before the end of the year and getting ready to launch its token by next year. This is according to an insider who revealed this to London business newspaper City A.M.
The insider said, “This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future – this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work.”
This latest development comes after Amazon published a job advertisement for a crypto and blockchain lead. Per the job advert, Amazon said it is looking for an expert who can leverage domain expertise in blockchain, distributed ledger, central bank digital currencies (CBDC) and cryptocurrency.
The insider added that “It begins with Bitcoin – this is the key first stage of this crypto project, and the directive is coming from the very top… Jeff Bezos himself. Ethereum, Cardano and Bitcoin Cash will be next in line before they bring about eight of the most popular cryptocurrencies online. It won’t take long because the plans are already there, and they have been working on them since 2019.”
Although Amazon is yet to make an official announcement, the insider revealed that the project is ready to roll. After the adoption of Bitcoin and a few other cryptocurrencies, Amazon would move to the next stage, which involves developing its own native token, the source added.
She said, “After a year of experiencing cryptocurrency as a way of making payments for goods, it is looking increasingly possible that we’re heading towards tokenisation. This then becomes a multi-level infrastructure where you can pay for goods and services or earn tokens in a loyalty scheme. There’s little more to it, for now, but you can guarantee the Bitcoin plan will be monitored closely as opportunities with Amazon’s own version of a crypto will be explored.”
It won’t be a surprise if Amazon adopts Bitcoin, as we have seen top companies like Tesla make the same move. However, Amazon’s adoption could be a big plus to the market.