Amazon Hiring Blockchain Lead In Potential Crypto Business Move

Most cryptocurrencies saw a surge in price right after the announcement, a considerable 15% gain in just a few days. The job posting soon was subject to speculation from the crypto community, and rumours started circulating that Amazon would soon start accepting cryptocurrency payment. Amazon soon demystified those rumours, yet it was enough to boost the market and move millions.

“You will leverage your domain expertise in Blockchain, Distributed Ledger, Central Bank Digital Currencies and Cryptocurrency to develop the case for the capabilities which should be developed, drive overall vision and product strategy, and gain leadership buy-in and investment for new capabilities.” — Reads the job posting.

Amazon has not disclosed its reasons to hire a Digital Currency and Blockchain Product Lead yet, but everything suggests the tech giant is looking forward to exploring the space and, who knows? Maybe accept cryptocurrencies in the near future.

A Potential Crypto Business Move

Could Amazon make a move in the crypto market and start accepting cryptocurrency payments? It’s a possibility —a possibility worth almost $2 trillion. Over 150 million people worldwide use Amazon Premium, and more than 197 million people around the world visit Amazon.com. It’s one of the most trusted technologies in the world.

The idea of Amazon exploring cryptocurrencies and blockchain technology suggests there’s a growing market with the potential to capitalize on it. Amazon should know. According to research and analytics firm Chainalysis, payment platforms that adopted crypto payments in 2021 like Visa, Mastercard, and PayPal, have handled over $1.40 billion in crypto volume by late June, a 133% surge compared to one year ago.

According to Nomics, a platform that provides crypto data, PayPal has recorded over $300 million worth of BTC, a new record for the company since it decided to be one of the first payment platforms to enable global merchants to receive crypto payments.

Amazon has plenty of reasons to start diving into the market by embracing crypto payments. Data shows that we’re on the year with the biggest volume transactions ever recorded for the space. The crypto world is full of young technocracy enthusiasts and millennials obsessed with the idea of financial independence and the disruption of the traditional banking and financial system. 54% of crypto users are younger than 34 years old, and 30% of them make over 100k a year.

They are big spenders, as additional data from BitPay revealed crypto users spend a lot more money than customers using debit or credit cards for digital transactions. With such enticing demographics, no wonder why payments giants have decided to embrace blockchain and crypto, enabling global retailers and merchants to receive payments in cryptocurrency.

Amazon is Exploring Crypto

Amazon has been diving into the cryptocurrency and blockchain space since 2013, starting with its own digital currency, Amazon Coin. This utility token was launched in 2013 for customers to purchase software and pay for microtransactions on apps downloaded from the Amazon Appstore and Android Devices.

Not only that —by the time Ethereum and other cryptocurrencies were emerging, Amazon had Amazon Web Services (AWS), a subsidiary that provides on-demand cloud computing platforms and APIs (Application Programming Interface) to customers. What’s more interesting, 25% of all Ethereum workloads in the world run on AWS, according to the official descriptor page. We’re talking about giants like Sony Music, BWM, Sage, Nestle, and more.

The Pros and Cons of Using Crypto as Payment

There are some benefits and there are some downsides of adopting cryptocurrencies. The main benefits can be outlined as follows:

  • Decentralization —no centralised institution can control or see what you’re doing with your funds.
  • Peer-to-peer basis —crypto transactions are conducted in a P2P (Peer-to-peer) basis with no need for third parties.
  • Autonomy —you are in control of your coins, and no institution can decide how much you can send in a transaction or can hold your funds for “security reasons” and to “protect consumers” like PayPal does.

Using BTC as a medium of exchange can be problematic: scalability issues slow down the network, often causing transactions to delay up to 30 minutes, and in some cases, several hours. One use case given to BTC is becoming a safe store of value against a future with fiat hyperinflation.

“The underlying technology of cryptocurrency and distributed finance offer major financial benefits for a company like Amazon. Payment processing can be done for considerably less using crypto-based merchant systems,” said Arran Stewart, co-founder and chief vision officer of the blockchain-powered recruitment platform Job.com.

Leave a Reply

Your email address will not be published.

Related Articles
Read More

ICON – A Complete Overview Of ICX

Most of these Altcoins capitalize on certain limitations of the early cryptos like BTC and ETH. One of such coins is the ICON cryptocurrency, a coin that facilitates the connection and interaction of various blockchain projects. ICON looks to serve as a connection point for...
Read More

What Is Sharding? And Which Currencies Are Using It?

Blockchain networks have to boost their throughput to encourage adoption from DeFi platforms and fintech companies, One of the strategies being explored to boost speed and efficiency is sharding. Developers are exploring sharding to increase a network’s throughput and give it a competitive edge. What...
Read More

Gavin Wood – The Man Behind Polkadot And Kusama

Since then, the developers and users alike started seeking alternatives, and Polkadot became one of the go-to blockchains for many of them. However, today, we are not interested in Polkadot itself, but rather the man behind it — its creator, Dr. Gavin James Wood. Who...
Total
0
Share