Amazon Might Launch Its Own Cryptocurrency
Amazon, the giant online retailer, has reportedly gotten some feedback from its customers about the possibility of developing its own cryptocurrency, the “Amazon Coin.” It appears that a majority of its users are receptive to the idea of Amazon’s version of a digital currency. In fact, more than half of the people surveyed, using LendEDU, approved of the idea.
Source: LendEDU Article
The Seattle-based, American e-commerce and cloud computing company clearly has the financial resources to create its own cryptocurrency. According to several reports, Amazon’s market capitalization could likely exceed $1 trillion, the first company in the world to do so, within the next 12 months. Due to its record setting growth, the behemoth retailer is looking to infiltrate other markets and industries such as healthcare and grocery.
Results Of Amazon’s Cryptocurrency Survey
For Amazon to consider developing its own cryptocurrency seems logical as digital currencies appear to be headed for mainstream adoption. Moreover, 52% of 1,000 survey participants said “yes” to a company’s plan that would introduce its own digital currency. The idea was even more popular among the company’s prime users, considering that 58.27% of them signaled their approval. Notably, its prime customers are entitled to faster and even free shipping, and access to media content in exchange for a paid monthly subscription.
Not everyone was as enthusiastic towards the company’s crypto plans. That’s because other survey results showed that 26.4% of the respondents were “unsure” about the idea of an “Amazon Coin.” Meanwhile, roughly 22% said they would not be in favor of using a company-issued digital currency to shop online.
Plans To Move Into The Cryptosphere
Based on the company’s activities over the past few years, it’s certainly not oblivious nor maybe even opposed to the idea of cryptocurrencies. This can be inferred from the fact that it purchased the domain name amazonbitcoins.com back in 2013. Even though the retailer has not set up any kind of bitcoin-related business through this domain, visiting the link does direct users to Amazon’s homepage.
More recently, the retailer acquired three more crypto-related domains: amazoncryptocurrency.com, amazoncryptocurrencies.com, and amazonethereum.com, When the company made these purchases in late 2017, Patrick Gauthier, VP and GM for the company’s payments department, stated that it was not going to be accepting cryptocurrency payments, because the demand for this option was not high enough. The purpose of buying these domains, Gauthier noted, was to preserve the company’s brand identity.
While developing its own cryptocurrency might sound like an appealing idea to some, the results of Amazon’s crypto survey should not be mistaken for an actual plan by the company to launch a digital currency. To its credit, it has not been quick to jump onto the crypto bandwagon, like many other companies. However, this could very well be because it has managed to generate ridiculous amounts of profits doing what it already does best, which is simply to sell almost every type of product, 24 hours a day..