Bitcoin adoption has gone up massively over the past few years, and Amazon is expected to be the latest corporate entity to accept it as a means of payment.
Amazon could start accepting Bitcoin before the end of the year
London-based business publication City A.M has reported that retail giant Amazon will soon start accepting Bitcoin payments for its goods and services. The publication cited an insider who revealed that Amazon would launch the payment option before the end of the year.
The company recently published a job advertisement where it announced that it wants to hire a cryptocurrency and blockchain lead. Amazon said the candidate would take advantage of their domain expertise in blockchain, distributed ledger, central bank digital currencies and cryptocurrency (CBDC).
The insider revealed that it is Amazon’s cue that it is expanding its payment options into cryptocurrencies. “This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future – this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work,” she said.
She added that Amazon would start with Bitcoin but expand into other cryptocurrencies, including Ethereum, Cardano and Bitcoin Cash. The insider further pointed out that the directive is from Jeff Bezos himself and that Amazon has been working on the feature since 2019.
Amazon to launch its native token by 2022
The source further revealed to City A.M that Amazon is planning to develop and launch its native token by 2022, after recording success with its Bitcoin integration. “When all these crypto ducks are lined up, there’s another twist to push things even further into Amazon’s favour – a native token. After a year of experiencing cryptocurrency as a way of making payments for goods, it is looking increasingly possible that we’re heading towards tokenization,” she explained.
Amazon wouldn’t be the first top company to accept Bitcoin payments for its goods and services, with Tesla the most recent to do so despite suspending it earlier this year.