Amazon No Plans To Add Cryptocurrency Payment

last updated on

Amazon No Plans To Add Cryptocurrency Payment

Amazon May Not Add Cryptocurrency Payment

Amazon seems not in a hurry to embrace the world of cryptocurrency. CEO Andy Jassy said in a recent interview that the company may not facilitate cyptocurrency payment mode. However, it is not denied that the e-commerce platform may not sell NFTs, which is expected to grow significantly though.

NFTs are non-fungible tokens, which are digital assets and are based on a blockchain network. The crypto asset segment gained popularity last year with the sales of NFT artworks worth millions of dollars.

The chief added that cryptocurrencies may turn up big in the long run, yet he owns no crypto coin now.

Many companies have started facilitating cryptocurrency payment method on their platforms in recent years believing the segment may soon be counted in the mainstream.

Amazon is an internet-based company and commonly sells books, electronics, toys, housewares, movies, music and many other products either directly or through middlemen. It has millions of customers globally. The company initially started by selling books and later gained popularity by selling the Kindle e-reader. It has lately built a shipping empire, vast inventory, customer service and more while offering everything like janitorial supplies, lawn furniture, mobile phones and clothes.

It is currently a leading online retailer in the US and its net sales were nearly $386 billion in 2020. It grabbed most revenue from sales of electronics, AWS cloud services and subscriptions.

Meanwhile, eBay has facilitated NFT sales for digital collectibles like video clips, images and trading cards. It is the first e-commerce platform to tap the NFT market.

eBay has stated could allow cryptocurrency payment on its platform in the future.

Earlier, Tesla started accepting Bitcoin as a payment mode for its electric vehicles but later discontinued the facility. CEO of the company, Elon Musk, has been tweeting in favor of Dogecoin, a kind of cryptocurrency similar to Ethereum, Litecoin and Ripple.

Trending Stories