Amazon is reportedly accelerating its cryptocurrency payment project, with plans to accept Bitcoin payments by the end of 2021 and gradually support other major cryptocurrencies including Ethereum, Cardano, and Bitcoin Cash, according to a report by City A.M. Citing an insider at the company, the report revealed that the directive comes from the very top — founder Jeff Bezos himself.
Crypto Project 'Ready to Roll'
Following Amazon's job posting for a digital currency and blockchain lead, City A.M. exclusively disclosed the company's broader crypto ambitions. The insider claimed that Amazon's crypto project "isn't just going through the motions to set up cryptocurrency payment solutions at some point in the future" but is "a full-on, well-discussed, integral part of the future mechanism of how Amazon will work."
"It begins with bitcoin – this is the key first stage of this crypto project, and the directive is coming from the very top … Jeff Bezos himself," the insider elaborated. She added that the entire project is "pretty much ready to roll" because plans have been in the works since 2019 and won't take long to implement.
Roadmap: Bitcoin First, Then Ethereum, Cardano
Once a fast and secure method for Bitcoin payments is established, Amazon's directors are keen to move forward with adding support for other large cryptocurrencies. According to the insider, Ethereum, Cardano, and Bitcoin Cash will be next in line before they bring about eight of the most popular cryptocurrencies online.
Beyond accepting crypto payments, Amazon is also exploring the launch of its own 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 tokenisation," the insider described. "This then becomes a multi-level infrastructure where you can pay for goods and services or earn tokens in a loyalty scheme."
Amazon Spokesperson Quickly Clarifies
However, a twist emerged shortly after the report was published. Bloomberg reported that an Amazon spokesperson stated: "Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true. We remain focused on exploring what this could look like for customers shopping on Amazon … 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."
The spokesperson did not completely rule out the possibility of accepting cryptocurrencies but explicitly denied the specific timeline of being ready by the end of the year. As of press time, Amazon has not commented on the possibility of launching a native token.
Industry observers widely believe that as a global e-commerce giant, any move by Amazon in the payment space will have significant implications for the cryptocurrency market. While the specific timeline remains uncertain, the company's continued exploration of crypto technology signals the strategic importance of this sector.