1.4 k

Amazon will Ignore Cryptocurrency as a Payment Method, For Now

While some major corporations like PayPal, Mastercard, and Tesla, have embraced cryptocurrencies, Amazon has decided to be cautious. Following the release of his first annual shareholder letter, Amazon’s CEO Andy Jassy indicated his unwillingness to accept cryptocurrency payments.

On the other hand, the CEO of the tech behemoth expressed optimism about the future of the crypto industry. In the interview, Andy Jassy also revealed that he does not possess any Bitcoin or non-fungible tokens (NFTs). This is despite the CEO’s interest in NFTs. Additionally, Jassy alluded to the prospect of the giant retail firm selling NFTs in the future.

Last year, just after Jeff Bezos stepped down, there were rumors about Amazon accepting BTC. A local news outlet also reported that the internet giant was looking toward developing its own coin for 2022. The assertions, however, were subsequently debunked.

Amazon and Metaverse Interest

Last month,  Amazon launched AWS Cloud Quest, a metaverse-like game intended at helping individuals develop cloud computing skills.  This was Amazon’s first foray into any similitude of a digital world. Earlier, Amazon had been silently hiring a senior product manager for the game via Linkedin.

Not long ago, Blink Digital also teamed with Amazon India to unbox the new OnePlus 10 Pro in Decentraland’s metaverse. The Indian digital agency produced the ad, which allowed consumers to view the device’s features from all angles.

Amazon’s supposed entry into a digital universe could be a significant step toward a future introduction of NFTs, as intimated by Jassy. 

Amazon Rivals Embrace Crypto

Despite Amazon’s reluctance to dive in crypto waters, most of its rivals have not been afraid to take the plunge.

Fellow multinational e-commerce corporation eBay has already been selling NFTS since last year. There is also a chance that the corporation could begin accepting cryptocurrency payments soon.

Bitcoin live price
price change

Another strong competitor in Shopify recently collaborated with payment platform Strike to enable Bitcoin payments. The alliance will seek to provide lightning network technology to merchants all around the world in order to reduce fees. Likewise, Japanese powerhouse Rakuten launched its own NFT marketplace in February, setting the pace for centralized giants like Amazon.

Stay up to date with our latest articles