City A.M. published a report following Amazon’s announcement that it was looking for a blockchain and digital currency lead.
According to a source close to Amazon, the news outlet claimed that the company was looking into accepting bitcoin payments by the end of 2018. Additionally, it is currently investigating its own token for 2022.
The insider claimed that Amazon isn’t simply trying to establish cryptocurrency payment solutions in the future. He added that the company’s crypto project was a ‘full-on, well-discussed and integral part of Amazon’s future mechanism. She went on:
It all starts with bitcoin. This is the first major stage of the crypto project. The directive comes from Jeff Bezos, who is at the top of the chain.
The insider said that the entire project was almost ready to go. He also stressed that it won’t take too long as the plans are already in place and that they’ve been working on them since 2019.
She noted that Amazon’s directors are keen to add support for big cryptocurrencies once a secure and fast method of bitcoin payments is established.
Before they bring eight of the most well-known cryptocurrencies online, Ethereum, Cardano and Bitcoin Cash will be next.
The insider said that Amazon is exploring the possibility of launching its own cryptocurrency in addition to accepting crypto payments. She added that ‘When all the crypto ducks have been lined up, there is another twist to push Amazon even further in its favour – a Native Token.’
After more than a year of using cryptocurrency to make payments for goods, it’s becoming increasingly likely that tokenization will become a reality.
She explained that this infrastructure can be used to pay for goods or services, and earn tokens through a loyalty program.