Amazon Is Launching a Digital Currency Project in Mexico

Jafrin  |  Feb 11, 2021

E-commerce giant Amazon is preparing to launch a digital currency project in Mexico. The latest payment product will enable customers to convert their cash into digital currency for paying for services such as Prime Video or on its flagship e-commerce online shopping site. An official announcement on the project has not been made but the deduction was made from its latest job posting on the company looking to hire a software development manager on launching the product.

Amazon's Digital Currency Project Targets Emerging Markets

Amazon’s Digital and Emerging Payments (DEP) division is initially intending to launch the product in Mexico. It symbolizes that the product appears to be targeting emerging markets.

However, no clear clarification has been provided on how Amazon is planning to launch the digital currency in line with its 8-year-old Amazon Coins. The company’s veteran virtual currency coin allows owners to transact in Amazon-issued cash across web-based games.

Recently, the online retail company made an announcement that Jeff Bezos is stepping down as its CEO. Bezos will be replaced by Amazon Web Services CEO Andy Jassy, currently leading the corporation’s cloud computing subsidiary, Amazon Web Services (AWS). Jassy will take the position as the leader of Amazon during Q3.

Instead of building an Amazon blockchain, Jassy proposed building the Amazon Quantum Ledger Database. Like blockchains, the network claims transparency, immutability, and cryptographic security. Although, unlike blockchains, it relies on a central trusted authority.

Amazon Could Integrate Crypto Payments in Its Network

Notably, Jassy launched AWS's Amazon Managed Blockchain service, a service for developers looking to build in Hyperledger Fabric or Ethereum without needing to supply their own hosting or hardware. The move signifies that Jassy is looking to integrate cryptocurrency payments into Amazon’s network.

If proven to be successful, this will come out to be favourable for the crypto industry as a whole. His position as the CEO of one of the biggest companies in the world in the coming times might influence other companies too to integrate cryptocurrency payments in their networks.

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