Amazon may be moving into the Cryptocurrency Space
Crypto Enthusiasts all over the world are looking forward to knowing when Amazon (AMZN) would enter the Crypto Space. These expectations have continued despite Amazon Pay Vice President Patrick Gaulthier making it clear that Amazon is not looking to enter […]
Crypto Enthusiasts all over the world are looking forward to knowing when Amazon (AMZN) would enter the Crypto Space. These expectations have continued despite Amazon Pay Vice President Patrick Gaulthier making it clear that Amazon is not looking to enter speculative areas.
The rumors began when Domain Name Wire reported the company had registered three blockchain and crypto-related domain names. Domain Name Wire also suggested that the company may have just registered the domains to protect its brand name.
Competition around the corner
Facebook’s (FB) Libra and Walmart’s (WMT) stablecoin could be the reason that forces Amazon to enter the cryptocurrency space. The company may either have to accept these cryptocurrencies for payment or launch its own. So they would prefer to have their product in the forefront than that of other rivals.
Facebook has been pushing that their main motivation for launching Libra is to reach the world’s unbanked and the underbanked. Therefore, if Amazon refuses to support the digital asset, it stands to lose a vital e-commerce opportunity.
Walmart is a key Amazon competitor. They have also applied for a patent for a stablecoin mechanism. Weekly, around 265 million customers visit its 11,500 physical stores across 27 countries. If Walmart were to launch a successful stablecoin, Amazon could be in trouble.
Amazon And Cryptocurrencies
Amazon has developed a fully managed ledger database, Amazon QLDB, which can be used to develop blockchain applications. Amazon has started their own fully managed blockchain service for the development of scalable blockchain networks.
Other than this, Amazon has also entered into partnerships with major blockchain players IDEO CoLab, R3, and Consensys. In May, Amazon acquired a patent for developing Merkle trees, solutions to the proof-of-work algorithm used in popular blockchain networks like Bitcoin and Ethereum.
So their capability along with the company’s broad customer base makes Amazon a game-changer if they decide to enter cryptocurrency space.
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Abishek Dharshan
Abishek is an Entrepreneur, Digital Nomad, Student, and ICO Marketing Manager currently based in Berlin & Champaign. He is actively involved in the Blockchain space and has worked in numerous projects in the Silicon Valley since 2017. His interests revolve around Finance, Consulting, and Blockchain Research.
Regular updates on Web3, NFTs, Bitcoin & Price forecasts.
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