In Big Tech, Apple was usually the one who was late to the party. When it comes to crypto, that does not seem to be the case. Apple has made moves to hire an “alternatives payment” manager that we can assume involves cryptocurrency. It became obvious when one of the key qualifications mentioned was experience with cryptocurrency. Google has been involved with blockchain technology related matters like their partnership with Theta Labs network. Other Big Tech companies like Twitter, Facebook and Microsoft have dabbled with blockchain and cryptocurrency on occasion but there is one company that we have not heard much about recently being involved in crypto … Amazon.
Amazon has actually patented a blockchain-based product authenticator back in 2020. It is not using cryptocurrency (as of writing) and has not really been in the news much. Amazon even removed crypto from their payment methods from the Twitch.TV platform . There is however news that Amazon is moving towards cryptocurrency payments. Just like Apple, Amazon is looking for a digital currency and blockchain expert. They might be considering crypto payments for their online retail business.
It is a big deal if Amazon embraces crypto. Not just for payments, but if the company invests in digital assets like Tesla. Amazon has a large retail empire which they could open to retail for cryptocurrency. This will most likely require payment processors like Visa, who have started to process cryptocurrency for payments in 2021. Amazon may permit payment processors to handle cryptocurrency to fiat conversions, meaning the final payment will still be in fiat.
Developers would find it an opportunity to create gateways for payment processors from crypto to fiat. Regulations must be followed as part of jurisdiction laws, so how it will be implemented is the challenge. The less you have to deal with regulators, the better it will be to just allow others to deal with it. Then again why would Amazon need a third party, when they are more than capable of implementing a system with their vast resources available.
According to an Amazon spokesperson:
“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon. We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”
It sounds like the type of news that can move the market to the upside. It is also what speculators want to hear because it can generate more interest in Bitcoin and other cryptocurrency. That usually leads to FOMO buying sprees that help drive prices of digital assets higher. While the news cycle from the media had been full of FUD the past few weeks since “Elon FUD” back in May, it has since become more positive. Whether or not Amazon does finally consider cryptocurrency payments or develop their own token, they have confirmed their interest. For many analysts that is a sign that cryptocurrency is not about to go away any time soon.
(Cover Photo Credit by Anna Shvets)