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Amazon may Accept Payments in Bitcoin, Ether, Other Cryptocurrencies Soon. Know More

The global cryptocurrency market cap went up by 8.50 per cent over the last day as it hit a price of $1.52 trillion.

The global cryptocurrency market cap went up by 8.50 per cent over the last day as it hit a price of $1.52 trillion.

Amazon is looking to explore cryptocurrency payments options on its platform, according to market experts

Amazon may soon allow users to pay in Bitcoin and other cryptocurrencies. The global e-commerce giant is looking for is looking for a digital currency and blockchain product head for its payments team, Amazon’s latest job postings suggested."The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap," the e-commerce platform said in a hiring post.

“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," the company further added. The product lead will work closely with teams across Amazon, including Amazon Web Services to develop a technical strategy for better customer experience.

This is a clear indication that the Amazon is looking to explore cryptocurrency payments options on its platform, according to market experts. “We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon. We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible,” said a media statement shared by Amazon.

The world’s largest online retailer does not accept cryptocurrency as payment yet.

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Last week, Elon Musk, chief executive officer, Tesla said that the electric car maker will soon resume accepting paymets in Bitcoin. “I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50%, and that there is a trend towards increasing that number, and if so Tesla would resume accepting bitcoin" Musk said at the B Word conference. “Most likely the answer is that Tesla would resume accepting bitcoin," he added. In May, the car maker had stopped accepting bitcoin for car purchases, citing cryptocurrency’s impact on the environment.

Earlier in May, Apple was also looking for a business development manager “working in or with alternative payment providers, such as digital wallets, BNPL, Fast Payments, cryptocurrency, and etc."

Internet Needs a Global Currency: Jack Dorsey

Meanwhile, Jack Dorsey, chief executive officer, Twitter said that online world needs a global currency. “If the Internet has a native currency, a global currency, we are able to move faster with products such as Super Follows, e-commerce, Subscription, Tip Jar and we can reach every single person on the planet," Dorsey said during an investors’ call last week. “There are three trends relevant to Twitter and our shareholders. AI, decentralisation and the Internet, finally having access to a global native currency in Bitcoin. All these will help us do our jobs better and we intend to lead the way in each," he emphasised.

“Most people access the internet on mobile. Any solution we build must provide an excellent experience when using mobile, despite its shortcomings and liabilities. An uncompromising focus on mobile interaction is likely to include the most people," Dorsey, a staunch supporter of Bitcoin added.

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first published:July 26, 2021, 10:58 IST