Amazon Considering Bitcoin Payments and Cryptocurrency Initiatives

Amazon has plans to accept Bitcoin payments 'by the end of the year' and is said to exploring its own token for 2022, according to reports.

A job advert spotted by City AM over the weekend suggested the e-commerce giant is looking for a "cryptocurrency and blockchain lead".

The company's subsidiary, Amazon Web Services (AWS), already has a number of blockchain programmes, but this is the first time the parent firm has shown any interest in the technology. 

The vacancy calls for someone who can "leverage domain expertise in blockchain, distributed ledger, central bank digital currencies and cryptocurrency". It also adds that Amazon wants to "develop the case for the capabilities which should be developed, drive overall vision and product strategy, and gain leadership buy-in and investment for new capabilities."

There's no specific detail in the advert that states Amazon is planning to accept cryptocurrencies, but City AM cites an insider who claims that the tech giant is looking to go deeper with the technology.

"This isn't just going through the motions to set up cryptocurrency payment solutions at some point in the future - this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work," the source told City AM.

"It begins with Bitcoin - this is the key first stage of this crypto project, and the directive is coming from the very top... Jeff Bezos himself."

IT Pro has approached Amazon for comment, but it is worth noting that Bezos is no longer the CEO of the company, having stepped down at the start of July. He does still have a role on the board, which is said to involve developing new ways to improve the workplace culture, but it is highly unlikely that would involve business operations.