Highlights
- Amazon will likely launch their own crypto next year after the tech giant posted an ad for “Head of Digital Currency and Blockchain”
- The new Amazon Token will be a crypto much like Bitcoin, where users will be able to purchase, invest and trade the digital currency
- Amazon looks to be launching the token in 2022, although no further details have been released as to exactly when the launch date will be.
Global e-commerce giant, Amazon (NASDAQ:AMZN), looks likely to dive into the crypto space next year with plans to release their own token. Earlier last month, the company posted an ad for the position of “Head of Digital Currency and Blockchain”.
The move from Amazon to develop their own crypto is said to be an attempt to compete with tech giant competitors Meta (formally Facebook). Google has also recently partnered with to open the way for an option for users of the Google Pay app to pay in cryptocurrency.
But doesn’t Amazon already have a crypto?
Amazon already has its own digital currency, called Amazon Coin, which it launched in 2013, although this token can only be used on the Amazon App store to purchase games and apps.
The new Amazon Token, however, will be a crypto much like Bitcoin, where users will be able to purchase, invest and trade the digital currency.
Also Read: Is Amazon Coin a cryptocurrency? What can you buy with Amazon Coins?
When will the amazon token be released?
Amazon looks to be launching the token in 2022, although no further details have been released as to exactly when the launch date will be.
The Amazon token will likely allow customers to use the crypto to purchase goods on the Amazon website, although details on when this will be implemented remain unclear as yet.
The blockchain Amazon are planning to develop will be called ‘Amazon Managed Blockchain’ and is the most comprehensive effort from the company so far to incorporate such a project.
Amazon have previously looked into launching such a project, although those projects were considerably less ambitious than the one it’s currently working on.
Bottom line
Amazon’s foray into the crypto space is a good thing for the crypto industry which may see companies from other sectors get in on space allowing for customers to use cryptocurrency to purchase goods and services.
