Amazon may soon start taking bitcoin as payment for goods and services, according to a report, with the retailer also potentially looking into creating its own cryptocurrency.
Cryptocurrencies like bitcoin and others continue to be popular, if volatile as a form of investment, with more companies accepting bitcoin for payments as time marches on. If a report is to be believed, bitcoin payments may get a considerable boost from Amazon.
Citing an anonymous source of City A.M., Amazon has posted a job advertisement for a “Senior Blockchain Specialist” in the United Kingdom. The role is based in Amazon Web Services for its Amazon Managed Blockchain Service, rather than for its retail arm.
It is claimed bitcoin will be the first of eight cryptocurrencies that Amazon will accept, with the main rival currency etherium also set to be included in the roster once Amazon has perfected the system with bitcoin.
Amazon has reportedly been working on the project since 2019, and could take place pretty soon, with the source claiming “This entire project is pretty much ready to roll.”
Once Amazon has sorted out cryptocurrency payments, the source said Amazon will “push things even further” in its favor with “a native token.” It is thought the token could help produce a “multi-level infrastructure where you can pay for goods and services or earn tokens in a loyalty scheme.”
Amazon won’t be the first major tech company to get involved with cryptocurrencies. In 2019,Facebook subsidiary Calibra was attempting to introduce a digital wallet for a blockchain currency called Libra, which was rebranded to Diem and is expected to be piloted in 2021.
Tesla CEO Elon Musk is a major supporter of cryptocurrencies, with Tesla itself accepting payments for vehicles in bitcoin for a brief period.
Apple is also seemingly looking into the same market, with a job listing from May indicating it wanted to examine “alternative payment” platforms like digital wallets and cryptocurrencies. One analyst has also proposed that Apple could start a cryptocurrency exchange, one that integrates with the Wallet app.