Amazon Denies Report That It Plans To Accept Bitcoin Payments

Kimberly Redmond  |

Video source: YouTube, Yahoo Finance

Amazon.com Inc (Nasdaq:  AMZN) has denied a media report on Monday that the e-commerce giant was planning to accept bitcoin payments by the end of 2021.

The report from London’s City A.M. newspaper, a publication distributed for free on the London Underground, cited an unnamed “insider,” who also claimed Amazon had plans to eventually develop its own cryptocurrency.

In a statement, an Amazon spokesperson rejected the report, saying “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true. We remain focused on exploring what this could look like for customers shopping on Amazon.”

The company also acknowledged that it is exploring what the use of cryptocurrencies could look like for the world’s largest online retailer.

“We're inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon. We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible,” the spokesperson said.

On July 22, Amazon posted a job opening for a digital currency and blockchain expert on its payments team, which suggested that the company could be taking a more serious look at cryptocurrencies. 

Currently, Amazon has 74 listings for jobs whose descriptions include the word “blockchain,” the backbone of cryptocurrencies. Those positions, however, are not necessarily related to blockchain development, but identify blockchain background as relevant experience for applicants.

On Monday, the price of bitcoin surged following the speculation that Amazon was eyeing digital currency and looking to hire a digital currency lead. 

Bitcoin soared more than 14.5%, reaching almost $40,000 per unit.

In recent years, a growing number of companies, including PayPal Holdings Inc and Square Inc have begun to accept digital currencies for payments, bringing the asset closer to the mainstream.

Visa Inc, Mastercard Inc, Bank of New York Mellon Corp and BlackRock Inc have also started accepting digital coins.

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Source: Equities News

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