28.10.2021

Amazon creates a digital payment platform with its cryptocurrency

The world’s largest online retailer Amazon is working on its own digital currency technology for the Mexican market.

Amazon is developing digital payment technology. At least this is evidenced by the open vacancy of the company.

For example, a company is looking for a software development manager for a digital payments project. It is reported that the candidate must create a product for converting fiat money into digital currency.

With the help of virtual currency, users will be able to pay for goods and services. It is not clear yet whether the digital currency project will use blockchain technology .

Nevertheless, it is already known that at the start, the project will be available only to residents of Mexico.

Amazon “reinvents the wheel”

It is worth noting that Jeff Bezos’ company has been working on creating an independent payment system for a long time. So, back in 2013, the company announced Amazon Coin, an aggregator of digital payments with an integrated virtual currency.

Despite what Amazon called Coin “virtual currency”, the product was actually an analogue of gift vouchers.

Each Amazon Coin is worth one cent. As with gift vouchers, the virtual coin cannot be exchanged for cash, but can be gifted to other users. It is not yet known whether the unannounced project is just a revision of an existing project, or the company is creating a new product from scratch.

Despite little information about the new project, the giant retailer has been exploring the potential of the blockchain market for a long time. In August 2019, the company was looking for a fintech marketing team with a focus on distributed ledger technology. However, since then there have been no loud announcements from the company.

It should be noted that the company holds one of the largest platforms for the cloud blockchain framework. A product from a company called Amazon Management Blockchain allows you to deploy and manage scalable blockchains through the cloud.

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