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Wednesday, July 6, 2022

Amazon seems to be expanding its Cryptocurrency ventures

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Amazon, one of the world’s largest digital and e-commerce companies, is now aiming to enter the crypto sector. Amazon is seeking a Product Lead executive for Digital Currency and Blockchain, according to a recent job offering.

This candidate’s role will be to “innovate on behalf of customers within the payments and financial system.” Furthermore, the recruited individual will be in charge of curating “Amazon’s Digital Currency and Blockchain strategy and product roadmap.”

“You will leverage your domain expertise in Blockchain, Distributed Ledger, Central Bank Digital Currencies and Cryptocurrency to develop the case for the capabilities which should be developed, drive the overall vision and product strategy, and gain leadership buy-in and investment for new capabilities,” the listing notes.

Amazon is already involved in blockchain-related initiatives. Amazon Web Services (AWS), the company’s cloud computing division, offers a specialized solution termed “managed blockchain.”

However, the company is yet to start tinkering with digital currencies. One Amazon spokesperson said in a CNBC interview:

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon. We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

It is no longer unusual to see global technology giants enter the digital currency market. Tesla, the automaker, already has a sizable amount of Bitcoin on its financial sheet. Musk revealed lately that Tesla has re-examined the way to incorporate Bitcoin payments earlier this week at the B-word conference.

Meanwhile, Apple is recruiting business developers with expertise working with digital currencies. The increased demand from retail and institutional investors for digital assets is driving major IT firms to focus on this sector.

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