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

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

<