Amazon is reportedly preparing to accept Bitcoin payments by the end of 2021, with plans to expand support to other major cryptocurrencies, according to a insider cited by City A.M. The directive is said to come from the very top — Jeff Bezos himself.
Amazon's Crypto Project 'Ready to Roll'
Following news that Amazon was hiring a digital currency and blockchain lead, City A.M. reported that the company has concrete plans to accept Bitcoin. An anonymous insider revealed: “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 project is described as “full-on, well-discussed, integral part of the future mechanism of how Amazon will work.” The insider added that after Bitcoin payments are established, Amazon will roll out support for Ethereum, Cardano, and Bitcoin Cash, followed by eight other popular cryptocurrencies. The entire project has been in development since 2019 and is “pretty much ready to roll.”
Exploring a Native Token
Beyond accepting existing cryptocurrencies, Amazon is also considering launching its own digital token. The insider explained that after a year of cryptocurrency payment experience, the company may move toward tokenization. “This then becomes a multi-level infrastructure where you can pay for goods and services or earn tokens in a loyalty scheme,” she said. The native token could give Amazon greater control and create a closed-loop ecosystem.
Official Denial and Clarification
Shortly after the report, Amazon's spokesperson told Bloomberg: “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.” This statement neither confirms nor denies the existence of internal plans, but leaves the door open for future adoption. The crypto community remains divided on whether Amazon will eventually integrate Bitcoin payments as described.