Will Amazon Ever Add Cryptocurrency to Its Platform? Maybe!
Around one-third of Americans use Amazon.com to buy just about everything. The company holds around 90 million US-based Prime members and the average subscriber spends around $1,000 annually on the site. The wide assortment of products at low prices has helped make Amazon one of the most valuable companies in the world. Except, its frequent shoppers want access to more products on its site, including medical marijuana, prescription drugs, and cryptocurrency.
Amazon and Cryptocurrency
Investing.com conducted a polled study of 1,000 Amazon shoppers and found that 13% were “OK” with digital currency being offered on the platform. The main purpose of the survey was to test the trust customers had in the company and the order frequency.
When asked what kind of products they felt buying under the Amazon brand, cryptocurrencies came in last on the study at 12.7%. Still, there was support for the product. It remains unknown if those clicking wanted to buy digital currencies on the platform or would trust an individual Amazon-branded cryptocurrency.
This report was released just after Binance’s CEO, Changpeng Zhao, discussed the e-commerce giant and it eventually needing to issue its own altcoin.
Amazon will have to issue a currency sooner or later.
— CZ Binance (@cz_binance) February 2, 2019
With the rise of cryptocurrency in 2017, it was amazing that the e-commerce giant hasn’t accepted digital currencies sooner. It remains unknown what the holdback is, as Amazon always tries to get ahead of the curb on most tech things.
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“For any internet (non-physical) based business, I don’t understand why anyone would not accept crypto for payments. It is easier, faster and cheaper to integration than traditional payment gateways. Less paperwork. And reaches more diverse demographic and geography.”
Jeff Bezos, Amazon’s CEO, has never made a formal statement about cryptocurrencies and his stance on them, but there is a registered domain from Amazon named ‘amazonethereum.com’. With the current crypto bear market, it remains unknown how high digital currency is on the company’s priority list. The e-commerce giant is currently working on self-driving delivery robots in Seattle suburbs.
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