Amazon Not Close to Accepting Crypto as Payment Mechanism in Retail Business, CEO Andy Jassy Says

Amazon Not Close to Accepting Crypto as Payment Mechanism in Retail Business

Amazon CEO Andy Jassy stated on CNBC Thursday morning that the e-commerce giant is unlikely to adopt cryptocurrencies as a payment method for its retail business, but that it may offer non-fungible tokens (NFTs) in the future.

“I don’t have bitcoin myself,” Jassy told CNBC’s Andrew Ross Sorkin in a “Squawk Box” interview. “You know, I expect that NFTs will continue to grow very significantly.”

“We’re not probably close to adding crypto as a payment mechanism in our retail business, but I do believe over time that you’ll see crypto become bigger,” added Jassy, who was interviewed after he released his first annual shareholder letter since taking over the helm from Amazon founder Jeff Bezos.

The company was trying to hire a digital currency and blockchain specialist to assist establish Amazon’s “strategy and product roadmap” for the technologies last year.

Although Amazon isn’t close to accepting cryptocurrency as a payment method, Jassy believes the e-commerce giant may offer NFTs in the future. Over the last year, NFTs have risen in popularity. According to data from Nonfungible.com, NFT trading reached $17.6 billion last year, up 21,000% from 2020.

When asked if Amazon will ever offer NFTs, he said: “I think it’s possible down the road on the platform.” He added that he doesn’t own any NFTs, but that he expects the technology “will continue to grow very significantly.”

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