Amazon is setting up to launch their own digital currency

[DIA7]

Amazon is now the latest company to be jumping to the cryptocurrency world by creating their own currency so it can be used as payment system in their marketplace.
It's yet to be concluded if amazon is already developing their new currency or they are just in a study face as things is still in secret.

Source https://www.techradar.com/uk/news/amazon-set-to-launch-its-own-bitcoin-rival

[Francis Freeman]

Amazon is now the latest company to be jumping to the cryptocurrency world by creating their own currency so it can be used as payment system in their marketplace.
It's yet to be concluded if amazon is already developing their new currency or they are just in a study face as things is still in secret.

Source https://www.techradar.com/uk/news/amazon-set-to-launch-its-own-bitcoin-rival

All these corporate starting own currency makes no sense for decentralization but it may be useful for the companies to reward platform users and keep track of several things on blockchain. I wouldn't invest in any of these to be fair.

[SeaBits]

Amazon is now the latest company to be jumping to the cryptocurrency world by creating their own currency so it can be used as payment system in their marketplace.
It's yet to be concluded if amazon is already developing their new currency or they are just in a study face as things is still in secret.

Source https://www.techradar.com/uk/news/amazon-set-to-launch-its-own-bitcoin-rival

They don't want to be late to the crypto arms race. If they don't take a shot at it, someone else will. It may start out as a rewards program in the early stages like what Francis said but could evolve into some much bigger.

[Byakuga]

I've waited for this type of news for like forever so why now Amazon? The truth is amazon don't even need to build a separate token for their platform, amazon isn't a payment solution gateway like mastercard or PayPal, it's a store so why not just implement crypto payment? We can just start buying stuff with bitcoin and others on amazon, that will be so cool

[Yey09]

Corporate money will give them too much power as for me. This wont be a true crypto

[Greatchu]

What are amazon team thinking? It's really not needed honestly, they should just implement crypto payment solution for buyers like ebay did, that's more than enough and it will make things easier for buyers who only have crypto coins in wallets to buy goods

[jacafbiz]

I am not surprise some of these big tech companies are jumping into digital currency, the reason why projects like Bitcoin and co gained huge adoption is because it is an open source project and any jack can come in and improves the protocol if accepted but project like this is all about control and centralisation. This is bad for the crypto we want

[hugeblack]

I don't think this news is true or much, as it attracts readers to more clicks.
If Amazon decides to buy bitcoin or create a digital currency, this news will spread and we will not need to read it from an anonymous link.
Also, I do not think that they need to create a currency currency (it needs many regulatory obstacles) and they are making millions of dollars.

[poodle63]

I could imagine they are creating blockchain based coins and then just make some kind of centralized service like google pay or apple pay. It's same thing but the coin can be universally used without the need of centralized system.
Though I think they are just trying to compete in blockchain and not seriously trying to make profit out of it, just integrate crypto to their system and that's enough but they took the long way.

[Mauser]

Corporate money will give them too much power as for me. This wont be a true crypto

Even though it won't be a real crypto currency it could still work. Amazon is by far the largest online retailer and has customers all around the world. They are accepting payments in all types of currencies, so adding their own currency/crypto coin to their portfolio would just offer more options for the seller and buyer. Due to the size of Amazon this coin could be big but only if it's getting accepted all around the world.

[blockman]

I've waited for this type of news for like forever so why now Amazon? The truth is amazon don't even need to build a separate token for their platform, amazon isn't a payment solution gateway like mastercard or PayPal, it's a store so why not just implement crypto payment? We can just start buying stuff with bitcoin and others on amazon, that will be so cool

They can implement their own payment system. Even though their main service isn't all about payment processing but them being a leading e-commerce business, they can create whatever they want. Amazon isn't just all about e-commerce but they have different branches of businesses that they offer. If they want to create their own digital currency, it's their choice and it's been long overdue since they should have planned or announced it to the public.

[trauchot]

Recently, a lot of big companies are starting to cooperate with cryptocurrencies or issue their own cryptocurrencies, and this is very good because more people will start using cryptocurrencies and, of course, such a big company like Amazon will open up access to its cryptocurrency to the whole world, which of course will increase the company's revenues and I think it was a very correct decision since now the cryptocurrency sphere has started to develop very quickly.

[Yaunfitda]

I think making your own internal cryptocurrency is a useless exercise, because you can simply accept an existing cryptocurrency such as DASH or LTC.  Perhaps this is fake news, since back in 2019 there were rumors that Amazon would start selling goods for cryptocurrency.

Or better yet, don't create your own digital currency. I don't think this will help in any adoption for crypto such as bitcoin or DASH or LTC. As this is going to be internal for them. Amazon is jumping on the bandwagon but in the wrong way.

They should have accept bitcoin as mode of payment, simply as that. This is just like Facebook having their own, Libra, which has failed even before taking off.

[cabron]

What are amazon team thinking? It's really not needed honestly, they should just implement crypto payment solution for buyers like ebay did, that's more than enough and it will make things easier for buyers who only have crypto coins in wallets to buy goods

It would really be adding to the legitimacy of BTC and other crypto assets if they just decide to be like Tesla accepting BTC. On the other hand, its easy for them to track things if its their own currency because its still using a blockchain. They wouldn't have a problem in making users use their coins since they do have a big database of users. Its a private blockchain I guess?  

Amazon starting to have their own coin, but wouldn't this end up just like facebook's libra as well?

[hatshepsut93]

The point of currency is to be exchangeable for ALL goods and services, not just on some one single platform. Why would people bother to exchange their fiat or crypto for AmazonCoin instead of paying directly with the former options. Especially if there are some extra fees when you convert to AmazonCoin.

This also applies to cryptocurrency - we don't need all these altcoins, only Bitcoin is truly useful and maybe Ethereum, if smart contracts will actually be adopted, which is a big question.

[Festac]

obviously all the big companies want to get on the winner's wagon, financially speaking,that are crypto, i don't know how successful this amazon initiative will be, then it will always be a centralized token, to be kept under observation anyway

Amazon is big and yes their token or coin will be easily adopted but as time goes on it won't matter anymore, it will be better if they accepts crypto coins as means of payment on their website than trying to get into blockchain, something they never have experience with before, anyway anything can happen, remember Polkadot and Avalanche are stronger today because they have blockchain experts as team members, I hope amazon team know what they are doing

[sangkler11]

Currently Amazon does not have a stronghold in the digital currency world, maybe amazon looking to change that by launching its digital currency project.
Amazon is yet to announce the launch of the project, and it is still unclear.
after this we can see More corporations could adopt similar method in the future as cryptocurrencies slowly gain mainstream.

[Wingsbtc]

I don't believe that this is a 💯 genuine news, I think we should wait and see if more concrete news about this rise up in coming days, though to me it's a foolish plan if amazon plans to build it's own token, for what purpose? To shop on their store? Bitcoin, Litecoin, Doge, BCH, and others will do this just fine

[Janation]

Another altcoin in the making, or is it?

Is it just the title of that article or Amazon is really making a digital currency that would "rival" Bitcoin? It is not specified in the article so maybe that is just the part of the author of this article. Other articles about it just talk about Amazon preparing/working on a Digital Currency that would be launched in Mexico. This just means that they are crossed out in accepting Bitcoin.

[ahoenk]

I heard it first from tiktok, is it HBar ? Hedera is big project which backed by amazon and has real use caee, it will goes viral. Im not advising some one to pick it, but i my self think its worth to buy couple hundred dollar to HBarr while the price is still low.