Insider report: Amazon is set to accept Bitcoin payments and launch a token

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and… read more.
on Jul 26, 2021
  • The company is looking to hire a cryptocurrency and blockchain lead to spearhead this project.
  • According to the insider, Amazon intends to accept other leading cryptos after BTC.
  • The source claims that Amazon has been working on its crypto plans since 2019.

Amazon is looking to accept Bitcoin (BTC/USD) payments before the end of the year. A report unveiled this news earlier today, citing an insider. The company also posted a job advertisement over the weekend, searching for a cryptocurrency and blockchain lead. Reportedly, Amazon is looking for someone that can leverage domain expertise in blockchain, distributed ledger, central bank digital currencies, and cryptocurrency.

According to the job listing, the incumbent’s role will involve developing the case for the capabilities that should be created, driving overall product vision and strategy, and gain leadership buy-in and investment for new capabilities. On top of this, the person that secures this position will have to work closely with teams across Amazon, such as AWS, to create a roadmap that includes the customer experience, the technical strategy, the system’s capabilities, and the deployment plan.

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While Amazon did not disclose its full intentions, the job description hints at the company’s plan to support crypto transactions. Per the insider, Amazon’s plans stretch beyond just hiring someone to evaluate possibilities. She claimed that the firm’s interest in crypto does not stop at setting up crypto payment solutions. According to her, this is just the tip of a massive iceberg, seeing as the crypto payment solution will only be a cogwheel in the future mechanism that supports Amazon.

A long journey that starts with BTC

The insider added that the instructions on setting up the crypto projects are coming from Jeff Bezos, Amazon’s founder and executive chairman. After the Bitcoin payment system is up and running, the company’s directors will, reportedly, introduce other leading cryptocurrencies. According to the source, Ethereum (ETH/USD), Cardano (ADA/USD), and Bitcoin Cash (BCH/USD) will come after BTC before Amazon expands this list of supported cryptocurrencies to include about eight of the largest digital assets.

Shedding more light on the situation, the insider claimed that this project is practically ready to launch, adding that Amazon has been working on these plans since 2019. She predicts that Amazon’s support for leading cryptocurrencies will help accelerate the mass adoption of the nascent asset class.

When the crypto payments system is fully operational, Amazon will, allegedly, drop another bombshell in the crypto market by launching a native token. The source projected that the company will likely take the tokenization path after a year of dealing with cryptocurrencies. Through its native coin, Amazon will become a multi-level infrastructure where you can pay for goods and services or earn tokens in a loyalty scheme.

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