Amazon, one of the world’s most successful companies and a very interested one in obtaining blockchain-related patents, remains a top candidate to issue its own cryptocurrency in the not so distant future, at least according to Binance CEO Changpeng Zhao.
In fact, according to the worldwide known entrepreneur, it will eventually be an obligation instead of a choice regarding Amazon and the development of its own digital asset. The American e-commerce giant is famous not only because of its incredibly high volume of sales, but also for investing in several other fronts, including blockchain.
The Potential Power of an Amazon-Powered Coin
Zhao, a prominent figure in the cryptocurrency industry, provided his insights regarding Amazon in a Tweet written on February 2nd. An Amazon-powered altcoin would hold significant price and utility potential, in theory.
Binance’s (one of the world’s most widely known crypto exchanges) CEO was discussing the online business industry at length in the microblogging site, and he said that it was not a matter of “if” Amazon creates a cryptocurrency, being instead a matter of “when.”
Certainly, the Jeff Bezos-owned e-commerce platform has made noise in the past few months by acquiring blockchain-related patterns and remaining involved with the technology through investments and adoption. However, up until this point, Amazon’s relationship with cryptocurrencies has been nothing but rumors.
The rumors are found in the press from time to time, and one of them is that Amazon could opt to integrate Bitcoin (BTC) as a payment method, a measure taken by dozens of Internet-based services and platforms in several countries.
Easier, Faster, and Cheaper
“For any internet (non-physical) based business, I don’t understand why anyone would not accept crypto for payments. It is easier, faster and cheaper to integrate than traditional payment gateways; less paperwork, and reaches more diverse demographic and geography,” Zhao wrote on his Twitter account.
In another tweet, he added that “Amazon will have to issue a currency sooner or later.” Zhao’s views were published around the same time that Twitter’s CEP Jack Dorsey commented that Internet itself was bound to implement a default currency, which could be Bitcoin.
Dorsey stated in a podcast on February 2nd that while he couldn’t be sure about Bitcoin fulfilling the role, it surely was the most appropriate choice to do so. “It was something that was born on the internet, was developed on the internet, was tested on the internet; it is of the internet,” he observed.
A little bit more about Amazon
The king of online retail stores, Amazon is known as a multinational technology company that focuses in e-commerce, cloud computing, and artificial intelligence. It was created 24 years ago in 1994, and it is headquartered in Seattle, Washington.
It has a privileged spot in the “Four Horsemen” group, formed by Apple, Facebook, and Google. The company has recently shown a marked interest for the blockchain technology. For example, it won patents for cryptography and distributed data storage solutions in November 2018, and was awarded one for a data streaming marketplace in April.
By Andres Chavez