It seems like the world is ready to get both of its feet wet in the ocean of cryptocurrency. In particular, Amazon is prepared to launch its own cryptocurrency token this year. Many people are surprised about this because Amazon is seen as one of the largest and most mainstream companies in existence, and until recently, cryptocurrencies were regarded as outside of the box or only for a fringe of investors.
What Are Amazon’s Plans for a Token?
The exact details of Amazon’s plan for a token are not yet clear. However, it looks like the company is already setting up its own blockchain in advance of launching a privately owned digital currency. FinTech Magazine said that Amazon posted a job with a working title of Head of Blockchain and Digital Currency.
What Does Amazon Want Out of Its New Position?
Amazon’s position suggests that it is looking for a person who is an experienced product leader and can develop the company’s blockchain, digital currency strategy and road map. Many industry analysts believe that Amazon’s plan is a coordinated response to its competitors.
Existing giants, such as Meta (Facebook) have already recruited top talent into their organizations for the purposes of building a blockchain and launching tokens. Google has a partnership with Bakkt, which has set it up with a slid foundation for accepting cryptocurrencies in its app for payments, called Google Pay.
What Is Amazon’s Timeline for Releasing a Cryptocurrency?
It looks like 2022 will be the year for Amazon to officially set up a blockchain and launch a digital coin. However, there are no specifics on exactly when in 2022 any of these products will be released. Cryptocurrency experts expect that Amazon customers will be able to use the token for shopping on the website.
However, doing that could take some time to set up. Overall, blockchain and cryptocurrencies are still in early developmental stages, and there is a lot of room for improvement. User convenience is one area in which there is a lot to be desired.
How Can a Person Get More Details?
For now, Amazon is calling its project Amazon Managed Blockchain. The company’s website has information about the concept, and anyone can access it. You don’t have to be an Amazon account holder to learn more about what the company plans to do around its blockchain and token.
Will People Use an Amazon Token?
Over the past couple of years, Amazon’s perception has dropped. In particular, it has gotten a lot of flack around its labor practices and the wages it pays its employees. Only time will tell if cryptocurrency investors are willing to overlook some of the company’s flaws in order to invest in its blockchain and token.