Is Amazon About to Announce a Proprietary Cryptocurrency Project?

Rick Steves

Amazon’s unannounced cryptocurrency project follows the steps of Facebook’s Libra, now Diem.

Amazon may very well be planning to launch a digital currency of its own. The project hasn’t been announced yet, but recent job posts may hint that way.

A job announcement for a Software Development Manager – Digital and Emerging Payments, found by Coindesk, states the company intends to “launch a new payment product starting with Mexico as our initial launch country. This product will enable customers to convert their cash into digital currency using which customers can enjoy online services including shopping for goods and/or services like Prime Video.”

Facebook was the first big tech company to announce a cryptocurrency project: Libra. In December 2020, it was rebranded as Diem.

The 27-strong Libra Association planned to launch digital versions of several currencies, plus a “digital composite” of all of its coins, in order to address backlash from regulators over its initial plan to create one synthetic coin backed by a basket of currencies.

Now, the plan is to launch a single coin backed one-for-one by the dollar – a stablecoin. Diem is not meant to rely on cryptocurrency mining. Only members of the Diem Association will be able to process transactions via the permissioned blockchain.

The Diem Association officially plans to transition to a permissionless proof-of-stake system within five years, but according to their own materials, no solution exists “that can deliver the scale, stability, and security needed to support billions of people and transactions across the globe through a permissionless network.”

The news that Amazon may be about to announce plans to launch a proprietary digital currency comes days after Tesla announcing it bought $1.5 billion in Bitcoin as it intends to start accepting Bitcoin payments in exchange for their products.

Many companies across the world have started to accept payments in cryptocurrencies years ago, but Tesla and CEO Elon Musk have become an inspiration to consumers, investors, and companies. Tesla will probably lead many other businesses to now do the same.

Read this next

Retail FX

Texas Slaps Forex Scam with Cease and Desist Order

The Texas State Securities Board (TSSB) is following through on its promise to crack down on online trading fraud.

Industry News

JPMorgan Chase to open its UK neobank next week

JPMorgan Chase, the biggest US bank by total assets, will next week launch its City’s digital-only bank, which offers a range of savings and loan products under its ‘Chase’ brand in the UK.

Retail FX

TIOMarkets UK reports $78,461 in 2020 revenues

TIOmarkets’ FCA-regulated entity reported its financial results for the year ending December 31, 2020. The company posted a revenue figure that was nine times the amount it reported in the fiscal year of 2019.

Technology

Equiduct deploys big xyt’s data analytics for equity market structure

“Banks, asset managers, exchanges and market participants across the globe consistently rely on big xyt as an independent reference for equity market structure”.

Retail FX

BDSwiss partners with PayRetailers to address payment landscape in LATAM

PayRetailers’ suite of payment options via single seamless API integration will be available for BDS Markets Ltd. only.

Digital Assets

Coinbase applies for NFA license while awaiting SEC lawsuit

A license from the National Futures Association (NFA) would open the door to cryptocurrency derivatives trading.

Industry News

Euroclear acquires MFEX to enhance offering for fund distributors and fund managers

This transaction brings together two highly complementary businesses.

Industry News

Madoff Victim Fund sends $568 million to 31,000 victims of Ponzi scheme

Bernard L. Madoff used his position as chairman of BLMIS to steal billions from his clients.

Digital Assets

Revolut uses Bitcoin to Pay for its office space

Revolut, the company that is looking to build a financial super app, has used bitcoin to pay for its largest office space in Dallas, Texas to the flexible workspace provider WeWork.

<