In recent years, Amazon entered several markets, and it is not only an e-commerce platform. Now, job listings revealed that the tech giant is preparing to launch its digital currency project to create a rival for Bitcoin, Coindesk reported.
According to job listings, Amazon is hiring people for its Digital and Emerging Payments (DEP) division to design a new payment platform. “This product will enable customers to convert their cash into digital currency using which customers can enjoy online services including shopping for goods and/or services like Prime Video,” Amazon said in the job posting.
The new payment method will initially be available in Mexico and gradually expand into emerging markets. Amazon is trying to speed up the project by hiring software development engineers at all levels.
Digital currencies are the future of payments, and Amazon does not want to lag behind
Amazon isn’t a new gamer in digital currencies, and they launched the “Amazon Coin” project in 2013 as a digital payment method. Now, digital currencies are experiencing massive growth, and investors add fuel to the fire of the market.
Lately, other giant companies like Tesla and Visa announced their support from Bitcoin trades and other digital currencies. Tesla’s $1.5 billion investment in Bitcoin was a piece of big news that almost shocked the market.
Twitter and Facebook are other players in the market. Twitter recently started investing in digital currencies, and even it was planning to add Bitcoin to the balance sheet. Twitter’s financial department also announced their plans for paying employees and vendors with Bitcoin. Twitter experienced a scam attack in 2020 that attackers asked for Bitcoin through verified accounts.
Facebook has been investing in cryptocurrencies through a department called “Libra.” The Libra is known as Diem Association now, and Facebook’s efforts to develop a dedicated cryptocurrency are still going on.
However, the relationship between Amazon’s new digital currency project with Amazon Coin is not clear yet. So we have to wait for more details. But Amazon has the potential to be a real game-changer and create a tough competitor to Bitcoin.
Amazon has conquered a significant share of global e-commerce, and it has a solid reputation in cloud computing. Diverse markets and millions of customers worldwide allow Amazon to expand its digital currency with less effort.
Despite some pessimism, digital currencies have a great potential to replace traditional payment methods. The tech giant’s investments in them will make them faster to adopt.