Could Amazon Be Planning To Launch Own Cryptocurrency Exchange?

Recently, there has been an increased interest in Amazon and Cryptocurrencies. Since the giant e-commerce business bought three Cryptocurrency domains namely amazoncryptocurrencies.com, amazoncryptocurrency.com, and amazonethereum.com, many Crypto experts have been of the opinion that the company is about to launch its own exchange. However, this is not the first time Amazon has bought Crypto domains bearing its name and done nothing about it afterwards.

Amazon And Blockchain Technology

The number of business adopting Blockchain technology has been growing on a daily basis. However, Amazon has taken a different stand and has revealed it is not in a hurry to adopt the innovation. According to Andy Jassy, the CEO of Amazon Web Services, the company decision not to adopt the technology is deliberate.

According to the CEO, the company is of the opinion that the current technologies can serve the same purpose as Blockchain. The e-commerce firm is planning to concentrate on the other technologies first. However, it will be interesting to see if the company will accept to lag behind as more businesses get into Blockchain technology.

Amazon Has Three Domains

On October 31 last year, Amazon registered three domain names namely amazoncrypotocurrencies.com, amazonethereum.com, and amazoncryptocurrency.com. It has been revealed that the registration information associated with these domains belong to Amazon’s legal department. Nevertheless, no information has come from any officials from the legal office.

Maj Soueidan wrote an article on ValueWalk.com saying that the recent move is an indicator that the e-commerce giant is planning to launch its own Cryptocurrency exchange. According to the reporter, there is no sense in buying all these domains and end up using only one Cryptocurrency as a payment method.

According to Soueidan, the company could monetize on the new investment. The notion of earning on every transaction that takes place on the platform is enough incentive to convince the company to start own exchange. The reporter notes that Amazon has massive computing power enough to not only run the exchange but also mine Cryptocurrencies. Given that it has a large marketplace, the e-commerce company cannot struggle to source for customers for its Crypto exchange.

Amazon Can Use The Domains Differently

It is important to note that Amazon has not yet said anything about getting into Cryptocurrency exchange or buying the three domains. Although the Crypto sector has been experiencing rapid growth in recent times, Amazon has not yet publicly declared its stand. Three years ago, the e-commerce business bought a similar domain called amazonbitcoin.com. However, the domain redirects to the company’s main page. It is therefore interesting to look at how else Amazon can use the three domains.

Amazon is a brand name, and a real big one with a lot of potential. Consequently, it could be reasonable to say that the company is getting the new domains to safeguard its brand. Anyone who can successfully manage to include Amazon in their domain name stands a high chance of getting accepted. It can also be argued that the company has purchased the domains to avoid any confusion with Amazon Coin, their Cryptocurrency that can be used to purchase goods online.