Amazon is laying the groundwork for a new digital currency for use on its own platforms and marketplaces, new job postings suggest. The e-commerce and cloud computing giant has asked for talent to join its Digital and Emerging Payments (DEP) division, which is developing a mechanism for emerging market customers to 'convert their money into digital currency' '. “Customers can take advantage of online services, including purchasing goods and/or services like Prime Video,” the company wrote. According to the job postings, which have since been suppressed, the project will initially launch in Mexico, but could then expand to other neighboring territories if successful.It's unclear if the digital currency in development will tie into the existing Amazon Coins project, which saves customers money on purchases made via Kindle and Fire devices.
Amazon Digital Currency
The decision to launch an Amazon-exclusive digital currency comes as a number of high-profile organizations and institutional investors are beginning to take a closer look at the cryptocurrency ecosystem. Electric car company Tesla, for example, recently announced that it has invested €1.5 billion in Bitcoin, and payment giant Visa unveiled a set of APIs that effectively turns traditional banks into crypto exchanges. Back in mid-2019, Facebook announced the launch of the Diem Association (formerly the Libra Association), which seeks to create a system that allows anyone with a smartphone to make cross-border payments and purchases without incurring fees. important transactions. While details about the new project remain scant and Amazon has yet to make a public statement about it, early indications suggest that the company's plans are less ambitious. It appears that its digital currency will operate exclusively within the confines of the Amazon ecosystem and initially only in a small selection of markets. The benefit of using Amazon's own digital currency to make purchases in regional fiat currency is currently unclear. Amazon did not return our request for clarification.