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

Digital Assets

SEC denies First Trust Advisors-SkyBridge application for Bitcoin ETF

The US Securities and Exchange Commission (SEC) has again rejected another bid to list a spot bitcoin exchange-traded fund (ETF), which is widely seen as a proxy into crypto for millions of retail investors.

Technology

Crypto fund Modus.Trade taps Gold-i to manage its technology infrastructure

Modus.Trade, which operates an investor network, online learning platform, and suite of algorithmic trading strategies, has selected FinTech company Gold-i to manage its entire technology infrastructure.

Industry News

Ripple’s “biggest victory” triggers XRP Holders’ request for unprivileged SEC meetings

“The biggest victory for Ripple and XRPHolders, from Judge Netburn’s recent decision, isn’t necessarily the email with the Draft version of the Hinman speech.”

Retail FX

Fintech Alpaca poaches Pepperstone Cyprus head Victor Zachariades

Victor Zachariades, who joined Pepperstone in 2019 to head up its Cyprus operations, has left the FX firm to join Alpaca, a stock brokerage that allows developers to build apps, services, and trading platforms.

Industry News

Public.com acquires HyperCharts to improve broker’s data visualization

“One chart is worth 1,000 numbers. We built HyperCharts to make financial analysis easy, fun, and approachable for the masses by turning complex SEC filings into simple, interactive charts.”

Institutional FX

FX HedgePool launches mid-month roll cycle for better pools of peer liquidity

“By introducing this new cycle, we’re offering the buy-side greater choice with respect to accessing safe and transparent pools of peer liquidity.”

Digital Assets

Robinhood launches Beta version of crypto wallet

Wallets will allow Robinhood users to send and receive their crypto from Robinhood to external crypto wallets, fully connecting Robinhood crypto holders to the greater blockchain ecosystem for the very first time – a major milestone for the broker’s venture into crypto.

Industry News

JKO Play drops out of running to acquire Playtech

A consortium called JKO Play, led by former Formula 1 boss Eddie Jordan and gambling industry veteran Keith O’Loughlin, has pulled out of the race to acquire Playtech.

Institutional FX

ABN AMRO launches fractional investing infrastrucutre, BUX is first broker client

“The launch of fractional investing marks an important new chapter in the normalization of investing in Europe.”

<