18:10Amazon set to launch its own Bitcoin rival
Amazon is laying the groundwork for a new digital currency for use on its own platforms and marketplaces, new job listings suggests.
The e-commerce and cloud computing giant put out a call for talent to join its Digital and Emerging Payments (DEP) division, which is in the process of developing a mechanism whereby customers in emerging markets can “convert their cash into digital currency”.
“[Using the currency], customers can enjoy online services including shopping for goods and/or services like Prime Video,” wrote the firm.
Here's our list of the best crypto wallets out there
RECOMMENDED VIDEOS FOR YOU...
video playingGalaxy S21 | Everything you need to know
Amazon digital currency
Electric car company Tesla, for example, recently announced it has invested $1.5 billion in Bitcoin, and payments giant Visa has unveiled a suite of APIs that effectively turns traditional banks into crypto exchanges.
Although details on the new project remain scant and Amazon is yet to make a public statement on the topic, early signs suggest the company's plans are less grand. It appears its digital currency will operate exclusively within the bounds of the Amazon ecosystem and initially only in a small selection of markets.
The benefit of using Amazon’s own digital coin to make purchases over regional fiat currency is currently unclear. Amazon did not return our request for clarification.
|Total comments: 0|