Is Amazon Delving Into Cryptocurrency?
Amazon has secured three new domain names tied to cryptocurrency, a sign that the e-commerce giant may be delving into the world of digital assets. Such a move would contradict earlier comments from a top executive that Amazon had no plans to enter this market.
Amazon: King of Kings
The three domains that have been registered by Amazon include amazonethereum.com, amazoncryptocurrency.com and amazoncryptocurrencies.com.
DomainNameWire was the first to report Amazon’s new listings.
Rumors of Amazon’s involvement in cryptocurrency have circulated for many years. The company has registered multiple crypto-related domains, including amazonbitcoin.com. At last check, the domain takes visitors straight to Amazon.com.
As the world’s largest online retailer, Amazon holds considerable sway in the global e-commerce marketplace. Its foray into cryptocurrency could catapult cryptos into the payment system – an area they have struggled to penetrate so far.
Amazon crushed third quarter earnings with an EPS of 52 cents that dwarfed estimates calling for 3 cents. The company reported revenues of $43.7 billion that came in well ahead of forecasts calling for $42.14 billion.
The quarterly report, which was released after the bell on Oct. 26, sent share prices to fresh records. Amazon’s stock value remains well north of $1,100.
Hard to Ignore
The cryptocurrency market’s rapid ascent has been difficult to ignore. The total amount of capital flowing in cryptocurrencies surpassed $200 billion last week, with bitcoin accounting for more than 60% of the total. Slowly but surely, mainstream businesses from all sectors are adopting blockchain, cryptocurrency or some combination thereof.
For Amazon, cryptocurrency adoption likely means accepting bitcoin, ether and other tokens as a form of payment. This would revolutionize the payment industry as we know it, and quite possibly send cryptos to new highs.
Hundreds of thousands of merchants worldwide already accept bitcoin as a form of payment. Some of them include Microsoft (via XBOX), Subway, Overstock.com, WordPress.com, Expedia and Virgin Galactic.
Japan’s acceptance of cryptocurrency is expected to draw thousands of merchants into the fold. Investors, businesses and market participants are looking at the world’s third largest economy as a case study of a nationwide cryptocurrency roll-out.
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