Amazon CEO: Not Close To Adding Crypto As Payment

On Thursday, Amazon CEO and Chief Executive Officer Andy Jessy added in an interview with CNBC that the world’s biggest e-commerce platform does not plan to add cryptocurrencies as a payment medium very soon.

However, he highlighted non-fungible tokens (NFTs) might be a part of the game in the near future as they are fastly growing around the globe and are expected to gain more and more ground.

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NFTs got famous in 2020 and are a type of artwork on blockchain that can sell for millions of dollars.

Jessy further expressed that cryptocurrencies and NFTs seem to have great potential in the future. Nevertheless, he does not own any Bitcoin or other at the time.

Although primary financial businesses rejected cryptocurrency from the start, many companies have started to receive crypto payments. Moreover, it has become an option for many financial institutes after crypto adoption in the mainstream.

Tech Giants Like Amazon Are Currently Exploring The Asset Class

The multinational e-commerce company eBay allowed the sale of NFTs on its platform last year. NFTs were used for digital collectibles, which contained images, trading cards, and video clips. It was the first platform to tap into the frenzy around digital artwork.

Similar to Amazon, eBay also says that it can add cryptocurrency to payment methods in the future.

The CEO of Apple Inc., Tim Cook, said in an interview with CNBC that he owned digital assets in November 2021. However, he further clarified that his company does not have immediate plans to involve cryptocurrencies in the business.

“I think it’s reasonable to own it as part of a diversified portfolio,” Tim said. However, Apple has been exploring blockchain technology, but it’s “not something we have immediate plans to do.”

The official of Amazon came to reveal the company’s vision due to fake rumors that it is starting to accept Bitcoin in late 2021. British newspaper City A.M. published that fact last July, adding an unidentical source. Before that, a cryptocurrency-related job was posted by the e-commerce behemoth, which caused short-lived price pumps and made the rumors more plausible.

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Jassy took control of the Amazon business last July when its prior founder Jeff Bezos decided to step down its role as chief executive officer. Before Jessy joined Amazon, he was previously leading the cloud service division. 

Amazon reached its market capitalization of 1 trillion in 2018 and became the second U.S. company to attain this valuation. Its market value has reached $1.5 trillion, making it the fifth-largest company in the world. The world’s biggest tech companies are Apple, Saudi Aramco, Microsoft, and Alphabet.

Featured image from Pixabay and chart from Tradingview.com