Sunday, December 10, 2023

Amazon To Accept Bitcoin Through New Job Posting

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Amazon has posted a job offer where it is looking for a digital currency and blockchain professional. The posting created a buzz in the crypto community, with many believing that the new posting shows that Amazon is finally considering cryptocurrencies as a means of payment.The job posting reads that the e-commerce giant wants to create a position for an experienced product leader to develop Amazon’s Digital Currency and Blockchain Strategy and Product Roadmap.The posting describes that the successful applicant will use their “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.”

Amazon Taps into Cryptocurrency Innovation

An Amazon spokesperson confirmed the job posting stating that the e-commerce company was inspired by innovations in the cryptocurrency sector. “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,” the spokesperson stated.It is not the first time that Amazon is looking into blockchain. The firm has a cloud-computing department known as Amazon Web Services. The department has a sub-unit that deals in Managed Blockchain. Despite these efforts, Amazon is yet to accept cryptocurrencies as a means of payment.At the beginning of July, Amazon Web Services listed a job posting where it looked for the Head of Product to run the Amazon Managed Blockchain. In the posting, Amazon clarified that it was looking for a professional who had expertise in decentralized finance (DeFi), showing that the unit could be looking into leveraging blockchain and eliminating the need for intermediaries in offering financial services.Furthermore, Amazon has also been looking for a Senior Software Engineer to work under the firm’s Advertising Fintech team. In the job posting URL, there is a mention of blockchain.In 2013, Amazon made a bold move towards digital currencies by launching ‘Amazon Coins.’ The coins were a form of digital currency that allowed Amazon users to make transactions on various applications and gaming sites. Despite the coins losing popularity, they have maintained their value, and they are still on sale to date.Back in 2017, Andy Jassy, the CEO of Amazon, stated that the company was watching blockchain closely, but it was not entirely focused on the technology. In the same year, the eCommerce platform purchased three cryptocurrency web addresses. However, the reason for the purchase was not disclosed.These small steps could have prepared Amazon for cryptocurrency payments. The recent job posting could finally be the turning point for the e-commerce giant, and it will open up a whole new use case for cryptocurrencies.

More Firms Venturing into Crypto

This year, digital currencies have grown in popularity, and this has led to increased institutional adoption. Besides Amazon, more payment and fintech firms have been exploring crypto to leverage the boom of this sector.Facebook has gone all-in into crypto through supporting a cryptocurrency project known as Diem, formerly known as Libra. As proposed by Facebook, Diem will be a payment-focused cryptocurrency. The social media company has made great strides in developing the digital currency, and it has partnered with Silvergate to issue a stablecoin pegged on the US dollar.Like Amazon, Apple had also listed a job posting back in May for an ‘Alternative Payments’ expert. In its posting, Apple stated that the individual who will take up the role would be tasked with researching new partners, negotiating deals, and working with the Apple pay team. The posting also stated that the applicant needed to have experience in cryptocurrencies.Such job postings have created excitement in the crypto space, with many wondering whether cryptocurrency payments will go mainstream with acceptance from major corporations such as Apple, Facebook and Amazon.However, the word “exploring”, as used on Amazon’s job posting, could mean many things; hence it could take a while before the e-commerce giant officially accepts cryptocurrency payments.Whilst Amazon does not accept cryptocurrency payments, apps such as BitPay enable people on the platform to exchange popular cryptocurrencies such as Bitcoin and Ethereum with Amazon gift cards.

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