Is Amazon Planning to Get Involved with Cryptocurrency?

According to CNBC, Amazon recently bought the domain names AmazonEthereum.com, AmazonCryptocurrency.com and AmazonCryptocurrencies.com. This decision is generating a lot of interest, especially since Amazon has said in the past that they will not be accepting cryptocurrency payments anytime soon.

So, why would Amazon seemingly put a stamp of approval on cryptocurrencies in such a huge way?

What Amazon Could Use the Domain Names For

This is not the first time the company has been at the center of rumors related to cryptocurrency. There has been speculation in the past that Amazon would accept cryptocurrency payments, but those have remained rumors with Amazon stating that they were untrue on more than one occasion.

But this recent step by the company further escalates the speculation. Could Amazon be shaping up to provide brokerage services for cryptocurrencies? It is also a possibility that Amazon might try to create its own digital currency system.

Bitcoin’s success has seen a rise in many companies considering creating their own digital tokens. Why shouldn’t Amazon consider the option? Either way, Amazon is staying quiet, and promising nothing when it comes to cryptocurrencies.

Amazon Interests Could Be a Stamp of Approval

Over the years, Bitcoin and Ethereum have grown in value, attracting interest from investors all over the world. But many brick and mortar businesses, as well as online retailers, have yet to embrace blockchain. If Amazon’s interest in cryptocurrency leads to them embracing cryptocurrency payments, it is likely other retailers will follow suit.

Blockchain technology has evolved in recent times to make the industry more reliable and transparent. The use of Smart Contract technology, employed by platforms such as the Ethereum-based Etherecash, has made payments and financial management through cryptocurrency more reliable and secure. Large companies like Amazon, particularly those with a large online presence, would do well to embrace cryptocurrency payments as a secure and reliable alternative to traditional forms of payment.

Etherecash understands this more than most, which is why they’ve invested in a system that allows the average user to maintain their privacy and security. And, at the same time, ensure the process is as transparent as can be.

Amazon Could Be Simply Protecting Its Brand Name

While Amazon has denied plans to accept cryptocurrency payments on its platform, their latest action does spell that blockchain is becoming more mainstream. There is even a petition for Amazon to allow Litecoin payments on its platform, which Amazon has yet to respond to.

There’s also a strong possibility that by purchasing the three domain names, Amazon is simply trying to protect its brand name. The company has in the past purchased Amazonbitcoin.com which redirects directly to Amazon.com.

But even as we speculate, the fact that Amazon deems digital currencies important enough to take action indicates an investment opportunity. Amazon is essentially saying that there is space for investors to place their assets into cryptocurrencies. For other developing platforms, such as Etherecash, the move is a sign of the growing importance of cryptocurrencies for industries globally.

There is still no indication that Amazon will allow digital currency support or that they intend to launch their own form of digital currency. But the speculation is enough to indicate the company is taking cryptocurrencies very seriously. Are you?

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