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“Amazon is developing a cryptocurrency that will be used as a payment mechanism for its marketplace. Amazon has reportedly started development on a cryptocurrency called the Amazon Coin that will compete with PayPal and other payment providers. The Amazon Coin, which is expected to be released in 2020, is expected to be part of Amazon’s AWS cryptocurrency infrastructure, which will let customers pay for AWS services using crypto.”. (Wikipedia)
“In one example of Amazon’s potential influence on Bitcoin, Amazon CEO Jeff Bezos announced in October that the company would accept bitcoin. “Yes, we will figure out a way to accept it,” Bezos said at the Code Conference. He has previously described bitcoin as “mined by kids in their bedrooms.””
As the publication added, “When Bezos said he would be accepting the cryptocurrency, Amazon’s stock price rose by 0.6 percent, reaching a record high. The shares then fell 1.9 percent to $1,123.77 on Friday.”
Is blockchain technology the way forward for retail companies? As the Amazon Coin would be stored on the Amazon cloud, it would solve the problem for customers who want to pay for products online.
Even Walmart, the largest retail chain in the world, is preparing a blockchain system to track food supply from farms to store shelves in a transparent way, the Wall Street Journal reported in December 2017. (Walmart 1.000.000.000 Distribution | Jeff Bezos Bitcoin Presentation. Archived)
Amazon and Digital Currency: Should You Buy Amazon Stock Now?
In a February 2017 article, U.S. News and World Report stated that, “Amazon.com, Inc. (NASDAQ:AMZN) is the 800-pound gorilla of the online world. Its stock has become a bellwether for the whole tech sector. The company has an enormous
