Amazon is looking to launch a digital currency and fiat option for users.
This was highlighted by a new post of Head of Software Development.
In the job description, Amazon says this new product „will allow customers to convert their money into digital currency.“
With the growth and adoption of large cryptocurrencies like Bitcoin and Ethereum , companies are looking for potential ways to take advantage of blockchain technology.
Major global companies like Square, PayPal and Tesla have already invested in or integrated cryptocurrency into their business models. Today Amazon, one of the biggest retail companies on the planet, posted a job posting to find someone who can develop a project. The latter must:
“Enabling customers to convert their cash into digital currency through which customers can take advantage of online services, including purchasing goods and / or services like Prime Video”.
Amazon steps up digital payment efforts
This new job posting may not seem like anything out of the ordinary at first glance. However, once you have looked at the job objectives in detail, you can get a feel for Amazon’s potential plans.
This particular position would fall under Amazon’s Digital and Emerging Payments (DEP) industry or Consumer Payments industry, part of the company at the absolute cutting edge of payments technology. With the initial plans to launch in Mexico, it appears that the development of the project has already been very well thought out, now moving to stages where proper execution is required.
Based on details provided by Amazon, the company is looking for ways to offer users the ability to “cash in in digital currency,” alluding to building a cryptocurrency ramp. It is not known if this will also include a service that allows users to exchange their cryptocurrency for fiat.
Nonetheless, the implementation of cryptocurrency spending options by a company of this scale would be a monumental step in the widespread adoption of cryptocurrency.
Paving the way for global adoption
Following Elon Musk’s announcement that Tesla bought $ 1.5 billion worth of Bitcoin and may start accepting the digital asset for payments in the future, the price of Bitcoin has skyrocketed. This led to a record daily rise in the price in US dollars.
As more companies continue to look to integrate bitcoin and other cryptocurrencies, the use cases will continue to increase. While the job posting does not explicitly state that Amazon is working on integrating cryptocurrencies into its platform, it appears that Amazon has clearly defined intentions for the immediate future.
After the completion of this project, Amazon plans to launch a pilot project in Mexico. If cryptocurrency buy and sell options are offered to all Amazon users around the world, it will likely have a massive impact on the crypto market and the demand for cryptocurrency.