According to a report from City A.M. published on 26 July, Amazon could start accepting cryptocurrency payments by the end of 2021. A confidential source working for Amazon reportedly told the London business newspaper that the company has had cryptocurrencies in plan for a while, which will represent an “integral part” of its business model.
Last week, the company made headlines after publishing a job advertisement for a cryptocurrency and blockchain lead, calling for someone with expertise in blockchain, crypto, and central bank digital currencies.
“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 City A.M.
Amazon’s foray into cryptocurrency payments will begin with Bitcoin, with the source claiming the directive is coming from Amazon CEO Jeff Bezos. Once a fast and secure method for Bitcoin payments is established, the company will look into introducing other big cryptocurrencies to its platform.
“Ethereum, Cardano, and Bitcoin Cash will be next in line before they bring about eight of the most popular cryptocurrencies online.”
The source also revealed that Amazon could also be launching a native token. Tokenization will facilitate the creation of a “multi-level infrastructure” that enables users to pay for goods or services and earn tokens in a loyalty scheme.
Amazon is yet to comment on the news.