Last updated on August 9th, 2021 at 10:36 am
A source within Amazon whose identity has been masked has reportedly told City A.M, a London business newspaper that the e-commerce giant plans to accept Bitcoin (BTC) payments by the end of 2021.
There is a possibility this move will set a broader platform for cryptocurrency payments.
Speaking to the publication recently, the source 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.”
While the source hinted the crypto payment project is set to roll before the end of the year, Amazon will begin with Bitcoin. Other established digital currencies will be considered in the future, according to the insider.
The “directive is coming from the very top,” referring to Jeff Bezos, they said, adding, “This entire project is pretty much ready to roll.”
The publication adds that Amazon may not just stop at accepting Bitcoin. The company has reportedly earmarked the first quarter of 2022 to create its own cryptocurrency.
Last week, Amazon announced a new job vacancy — “Digital Currency and Blockchain Product Lead” on its career page. This sparked rumors the e-commerce giant was trying to explore the crypto space.
CoinTelegraph reports that the job description entails the new hire helping to develop Amazon’s digital currency strategy and product roadmap. For the job requirement, strong domain expertise in blockchain, distributed ledgers, central bank digital currencies, and crypto, more generally is needed.
In Conclusion…
- While major businesses accept Bitcoin remittance, it is going to be a game-changer with Amazon. At the beginning of the year when Elon Musk announced customers could buy its Tesla electric vehicles with Bitcoin, there was an explosion in the price of this digital asset.
- With Amazon, cryptocurrency adoption will be massive. The Tesla EV is not your regular vehicle. It’s used by those who can “afford it.”
- On the other hand, almost everyone shops on Amazon. The difference is clear, thus, we are keeping our fingers crossed.
- For now, Amazon’s plans for cryptocurrency adoption on its platform are not yet clear. We will bring you any further developments as they happen.
