Binance CEO Changpeng Zhao has reaffirmed his thoughts on Amazon and the future of cryptocurrency. In a tweet published on Feb. 2 Zhao, who is one of the most prominent industry figures for cryptocurrency in addition to running Binance, stated that
“Amazon will have to issue a currency sooner or later”. View his tweet below:
Amazon will have to issue a currency sooner or later.
— CZ Binance (@cz_binance) February 2, 2019
Zhao’s tweet came in response to an earlier published tweet, during which the CEO surmised that all internet based businesses should be accepting cryptocurrency for payment, particularly given the advantages of fully-digital currencies over their fiat counterparts.
In addition, accepting crypto payments also broadens a company’s marketability, especially when appealing to the more passionate investment and user base of cryptocurrency.
Amazon and the world of cryptocurrency
Zhao’s thoughts immediately drew to mind the issue of Amazon has yet to announce a token project or “Amazon coin,” a concept that’s been discussed frequently by the crypto community.
Despite having made passive efforts to implement blockchain technology into their current operation, Amazon has been characteristically silent on the acceptance of cryptocurrency.
The company does not outright accept cryptos for payment–although users can make purchases indirectly through other payment platforms–and has not joined the likes of Facebook and large internet companies rumored to be developing their own stablecoins. Amazon has shown signs of moving forwards the cryptocurrency and blockchain space in the near future, but nothing concrete has been released yet.
Prior to the epic bull run in crypto prices at the end of 2017, numerous rumors were floated that Amazon could look to integrate Bitcoin into its platform. At the time, a German newspaper reported that sources in Silicon Valley were hinting at the eventual merger, with Amazon looking to capitalize on the crypto gains and fan-base enjoyed by rival online outlet Overstock.com. However, adoption for Bitcoin as a direct form of payment never panned out, and most of the chatter surrounding Amazon and BTC died off with the falling crypto prices of 2018.
Given the new landscape of crypto, one that has matured through the falling valuation and continues to be more accepted by mainstream audiences, Zhao is right to predict that an Amazon coin is less a matter of whether or not it will be developed, than “when” that development will occur. If the rumors tied to Facebook’s WhatsApp service developing a stablecoin are true, cryptocurrency could become a focal point for online commerce–an industry that Amazon has all but cornered.
We might still a bit far away from the bigger picture, but at least we’re moving towards that. Hopefully, 2019 will be a good year for big corporations and cryptocurrency.