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Wealth Giving Amazon May Be Launching its Own Cryptocurrency

Amazon May Be Launching its Own Cryptocurrency

(FILES) In this file photo taken on April 25, 2020 an Amazon distribution center is seen as the coronavirus continues to spread across the United States, in North Las Vegas, Nevada. - E-commerce giant Amazon is offering signing bonuses of up to $3,000 at certain facilities in the United States as it ramps up hiring for the busy holiday season, reported November 24, 2020. The company -- which has boomed during the coronavirus pandemic, with more and more shoppers happy to stay home -- expects to hire 100,000
By ETX Studio
February 17, 2021
The cryptocurrency scene is heating up once again, especially since Tesla invested US$1.5 billion in Bitcoin

Amazon could soon unveil a new cryptocurrency specially dedicated to exclusive purchases on its various platforms, from its online store to Prime Video through its app store according to reports. Mexico could be the first country to use it, even if for the moment the brand has not confirmed the rumour.

The biggest players in new technologies are getting into the cryptocurrency scene. Tesla has invested US$1.5 billion in Bitcoin, which has just reached new heights, at close to US$50,000 per unit, while Facebook has tried, but unsuccessfully for now, to launch its own digital currency.

According to several US media outlets, it may soon be Amazon's turn to enter the game. The rumour was born after the company posted several job offers looking for specialists in new payment methods. One of them is about the "launch [of] a new payment product starting with Mexico as our initial launch country. This product will enable customers to convert their cash in to digital currency using which customers can enjoy online services including shopping for goods and/or services like Prime Video."

(Related: 5 Important Facts to Know About Bitcoin)

The idea would therefore be to convert its currency into a new digital currency in order to benefit from exclusive services. Mexico could serve as a laboratory for this new payment method, which could then be extended to other emerging countries. 

In fact, Amazon has already launched a first virtual currency back in 2013. Since then, the Amazon Coin is limited to small transactions, on games and applications in order to benefit from additional content, on one's smartphone or Kindle Fire tablet.

Whether it consists of a genuine new innovation or a simple update of the Amazon Coin remains to be seen and for the moment it is absolutely not official. However, launching its own means of payment could allow the brand to facilitate access to its entire ecosystem. For consumers, this could allow them to buy exclusive content.

To be continued...

(Related: Should You Invest In Bitcoin And Cryptocurrency?)

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Wealth & Giving Tech amazon cryptocurrency bitcoin

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