Amazon Dismisses Bitcoin Support Rumors, But Still Interested in Crypto

E-commerce giant Amazon has dropped several hints about launching a possible digital asset soon. After its latest signal gained significant traction, the company appears to be doing some crowd control.

Earlier today, a spokesperson for Amazon told Reuters that the company isn’t planning to support Bitcoin payments despite industry reports.

The spokesperson explained that while Amazon is interested in exploring opportunities in the crypto space, there’s nothing set in stone at the moment.

Crypto as a Part of Amazon’s Payment Strategy

Amazon has been doing a lot of crypto-focused work this year. In February, the company updated its job portal, asking for developers to join its Digital and Emerging MPayments (DEP) division.

Specifically, Amazon explained that it was looking to build a digital currency that targeted its customers in Mexico. The job postings revealed that Amazon is looking to hire engineers, managers, and software developers.

The job postings first appeared in October 2020, although they were eventually updated. Amazon added that its proposed digital currency would help Mexican customers make seamless payments when ordering on Amazon.

Last week, the company’s payments and experience team posted a job opening for a digital currency and blockchain product lead. The group, which handles customer payments on Amazon’s services and sites, revealed they were hunting for an experienced product leader with expertise in crypto, blockchain, and central bank digital currencies (CBDC).

The selected candidate will develop a roadmap for digital currency development and build a strategy for use and deployment.

A company insider also pointed out that Amazon has its sights on digital currencies – including major digital assets like Bitcoin. Speaking with British business news publication City A.M, the insider – who spoke under anonymity – explained that Amazon plans to start accepting Bitcoin for payments by the end of the year. This way, the company can build support among crypto enthusiasts and improve traction for its own native digital currency.

“This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future — this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work,” the source told City A.M.

Bitcoin Tumbles on Amazon Denial

The market is starting to react to Amazon’s news. Bitcoin, which had been surging towards $40,000 for the first time in a month, dropped by 2.5 percent in the last 24 hours. The asset is currently trading at $37,231.

Analysts will be watching the asset’s performance over the next few days to see if the market slips back into bearish territory.

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