Amazon vs Facebook Cryptocurrency Race is Heating Up: Is an AMZN Coin Imminent?
Facebook Coin has been in the news cycle for over a year now. They are building a cryptocurrency payment platform for its social network. The platform, codenamed Project Libra, will reportedly let users use digital coins to make purchases on Facebook and third-party sites.
A “Facebook coin” could tie together the company's fragmented payment and e-commerce efforts, which include peer-to-peer payments on Messenger, in-app checkouts for purchases on Instagram, interactive live videos that let merchants sell their products, and the Craigslist-like Facebook Marketplace.
If it launches a unified currency for all those users, its coin could theoretically become the most widely used currency in the world. If Facebook tethers more third-party websites, apps, and stores to that platform, it could challenge payment platforms like PayPal, Apple Pay, Alphabet's Google Pay, Amazon Pay, and Square.
It is no surprise that Amazon is now interested in Amazon Coin. Although thigs remain unclear. We still to be told if they want something like Amazon Coin or just Bitcoin payments integrated into Amazon.com payments. This news is been broken by Amazon Web Service’s General Manager Rahul Pathak.
He says: “At our scale, in our e-commerce business and in our web services business, we’ve had a need to maintain an immutable record. So that core ledger component is something Amazon’s been used extensively and on a very high scale.”
As a payment service, PayPal has a big lead and even Amazon and Google have struggled to catch up. Apple fared better thanks to its loyal base of hardware users, but it still controls a smaller slice of the market than PayPal.
However, if there is one thing that we have learned from Amazon is that they are relentless in their pursuit of disruption. They might actually turn out to be the frst ones to try it.