Amazon has no plans to integrate cryptocurrencies soon

Despite the fact of the crypto boom and that more and more businesses are accepting them as payment, some companies choose not to follow trends. Amazon will not accept cryptocurrencies as payment on its marketplace, although it may offer NFT in the future. Andy Jesse, the corporation’s CEO, revealed this in an interview with CNBC. Read more in the article.

Amazon’s CEO stated that they are exploring digital asset possibilities but is not yet ready to bring a cryptocurrency payment option to the marketplace. In an interview with Ross Sorki, Andy Jassy stated that the largest US online marketplace will not be allowing crypto payments in the coming years. Jassy admitted that he hasn’t invested in bitcoins or NFT. He is, nonetheless, enthusiastic about the future of cryptocurrencies and NFT.

Cryptocurrency in Amazon: to be or not to be?

At the same time, Amazon’s CEO stated that he anticipates substantial growth in the NFT sector. In the future, the companies’ plans include enabling the sale of NFT on the platform. Andy Jesse took over as CEO of Amazon in February 2021, succeeding Jeff Bezos. Before that, he was the CEO of Amazon Web Services, where he coordinated the introduction of the Amazon Managed Blockchain platform.

However, if Amazon decides to accept cryptocurrency payments, it will be following in the footsteps of eBay Inc. In particular, one of Amazon’s main retail competitors, eBay has announced that NFT sales of the collection of digital cards, photos, or videos. It began permitted on its platform beginning in May 2021. It has also expressed a desire to accept digital currency payments shortly.

Many people thought Amazon was on its way to accepting cryptocurrency payments when the company issued a job advert in July 2021 calling for “an experienced product leader to establish Amazon’s digital currency and blockchain strategy and product roadmap.”

As the crypto sector grows, it’s no wonder that more and more companies and retailers are choosing cryptocurrency as a means of payment. In an interview with TheStreet, eBay CEO Jamie Iannone suggested that cryptocurrency integration might be on the way shortly. According to Iannone, eBay recently completed the shift to payment management, and the platform currently directly manages $85 billion in volume. This enables the management board to provide additional payment methods, including crypto.

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