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Amazon will accept Bitcoin payments this year and issue its own crypto by 2022, claims insider

Once the Bitcoin payments option is up and running, Amazon will then move on to support other cryptos such as Ethereum, Cardano, and Bitcoin Cash.

Image by: Wikimedia Commons

Mon, 26 Jul 2021, 05:57 am UTC

Amazon has lately been the subject of speculations that it could be planning to accept crypto payments due to a recent job listing for a cryptocurrency and blockchain lead. A source who claims to have inside knowledge on the matter now confirms that the e-commerce giant is indeed planning to accept Bitcoin (BTC) payments within this year and even plans to issue its own token by next year.

Rumors that Amazon could be adding a crypto payment option swirled over the weekend when the company released a job posting for a Digital Currency and Blockchain Product Lead. The new hire will work with the Amazon Payment Acceptance and Experience Team and will be responsible for developing the company’s digital currency and blockchain strategy and product roadmap.

An insider now claims that the company’s plans run deeper than simply hiring someone to examine crypto’s possibilities. “This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future – this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work,” the source told London business newspaper City A.M.

The insider said that the e-commerce giant plans to accept BTC payments initially, a move that has the support of Bezos himself. “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,” she added.

Once the Bitcoin payments option is up and running, which could already happen “by the end of the year,” Amazon will then move on to support other cryptos. “Ethereum, Cardano, and Bitcoin Cash will be next in line before they bring about eight of the most popular cryptocurrencies online,” the source added.

But that’s not the end of Amazon’s crypto plan. The company even plans to issue its own token once the support for Bitcoin, Ether and other digital currencies is completed.

“When all these crypto ducks are lined up, there’s another twist to push things even further into Amazon’s favour – a native token,” she said. “It won’t take long because the plans are already there, and they have been working on them since 2019.”

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