Amazon Set to Accept Bitcoins, Develop Crypto Strategy
Amazon isn’t one of the big companies that accept cryptocurrency payments. This could be due to its volatility. The company plans to make a change in its approach to cryptocurrencies, and will even develop a unique cryptocurrency and blockchain strategy.
Business Insider has found an Amazon job listing that seeks a leader who will develop the retailer’s Digital Currency and Blockchain strategy as well as a product roadmap. The Amazon Payment Acceptance & Experience Team will hire the future Amazon employee. This is what will allow them to manage how customers pay Amazon on their sites and through Amazon services worldwide.
Amazon confirmed that it will accept cryptocurrency to Business Insider, but didn’t specify when.
Amazon released a statement saying that they are inspired by the innovations in cryptocurrency and are looking into what it could look like on Amazon. “We believe that the future will be built upon new technologies that enable modern and fast payments and we hope to bring that future for Amazon customers as soon possible.”
Amazon was initially skeptical about cryptocurrency in 2017. This was due to a lack of demand. However, as more people use cryptocurrencies to save money or invest, it is clear that there are enough people who want to use various digital coins to make payments and avoid real-money conversions.
It remains to be seen how Amazon will mitigate the volatility of cryptocurrencies such as Bitcoin, which can fluctuate dramatically even over a week. The company may just convert Bitcoins quickly to real money. It may also wait for a rise in the price of digital currency to make additional profits.
However, regardless of what Amazon does with cryptocurrency payments it receives, the mere fact that Amazon accepts cryptocurrencies makes them more valuable and enriches some holders.