According to the company’s CEO, Amazon may expand into nonfungible tokens but has no immediate intentions to allow cryptocurrencies to be used as payment.
On April 14, Amazon CEO Andy Jassy told CNBC that the online retailing giant is not even close to allowing cryptocurrency for retail payments on its platform. He did admit that the cryptocurrency industry and market are going to grow even larger:
“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 and its possible.”
Furthermore, he stated that the firm may become involved in the sale of NFTs, saying that he believes they have “really started to take off.”
I don’t hold any NFTs or Bitcoin, Jassy said in an interview with Andrew Ross Sorkin on “Squawk Box.” He quickly shifted the conversation away from Bitcoin and back to NFTs, saying, “I expect that NFTs will continue to grow dramatically.”
When asked if Amazon will sell NFTs, he replied, “Yes, I think it’s possible down the road on the platform.” Last year, rival e-commerce company eBay allowed NFT sales on its platform, and it was also looking at crypto payment methods. Last year, the retail giant expressed interest in blockchain and cryptocurrency by hiring a digital asset expert for its payments division.
Amazon appears to be more concerned with maintaining its retail operation profitable in the face of rising prices than with adding new payment methods. The corporation announced earlier this week a new 5% “fuel and inflation surcharge” for sellers beginning on April 28. Amazon’s web-dominant AWS platform was reported to have developed a Metaverse game named Cloud Quest last month.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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