According to numerous reports popping up all around the internet, Amazon is planning something in cryptocurrency. Although it is not known what, this could definitely shake the entire industry because of how powerful the company is. The retail and cloud giant just registered 3 domains connected with cryptocurrency. Here is what we now know about this.
Domain Name Wire first reported that Amazon bought 3 web addresses:
Since you most likely do not know this, AmazonBitcoin.com is already owned by Amazon ever since 2013. It is now just forwarding to Amazon.com. Just minutes after the news appeared, AmazonRipple.com was registered by an unknown person called Byron Wiebe but this is most likely just in an attempt to make some cash as a flip could happen if Amazon would be interested in the future.
Is Amazon Interested In Cryptocurrencies?
Definitely, Yes. Every single strong company in the world is interested so it would be foolish to think otherwise. However, at the moment there is little to no demand for Amazon to implement cryptocurrency payments. Patrick Gauthier, Amazon Pay VP, declared that at the moment Bitcoin, the most powerful and popular of all cryptocurrencies, is just a speculative asset and not a good tool that can be used to pay for items.
Obviously, there are different theories that appeared about why Amazon bought those domains. The one that is the most interesting is that Amazon might be interested in cloud based cryptocurrency mining. Mining crypto is definitely energy-intensive but if Amazon figured out some really clever way to do it, this means the company can make a lot of money.
Another thing that should be mentioned is that Ethereum can be built to create an Amazon competitor in some specific circumstances. If this is the case, it makes sense for the retail giant to be ahead of the curve and get ready to offer some sort of ETH integration.
Nobody really knows why Amazon bought the domains. The highest possibility is definitely that it is just to protect trademarks as cryptocurrencies are gaining popularity. At the same time, it is always in the back of the mind of any Fortune 500 company that cryptocurrencies might be the future of business. Preparation is definitely important and if Amazon makes a move, values automatically go up. Keep your eyes on the news since if this is something that will happen, a good profit can be made.