Amazon is developing its own digital currency

The world’s largest online retailer Amazon is working on its own digital currency technology for the Mexican market Amazon is developing digital payment technology. At least this is evidenced by the company’s open position.

For example, the company is looking for a software development manager for a digital payments project. It is reported that the candidate should create a product to convert fiduciary money into digital currency.

With the virtual currency, users will be able to pay for goods and services. It is not clear yet, whether the digital currency project will use blockchain technology.

However, it is already known that the project will be available only for residents of Mexico.

Amazon is reinventing the wheel.

It is worth noting that Jeff Bezos’s company has long been working on the creation of an independent payment system. Thus, back in 2013, the company announced Amazon Coin – an aggregator of digital payments with integrated virtual currency.


Amazon is developing its own digital currency
Amazon is developing its own digital currency

Although the company referred to Amazon Coin as a “virtual currency,” the product was actually the equivalent of gift coupons.

Each Amazon Coin equals one cent. As with gift coupons, the virtual coin cannot be exchanged for cash, but can be given to other users. It is not yet known whether the unannounced project is merely a refinement of an existing project or whether the company is creating a new product from scratch.

Despite little information about the new project, the retail giant has long been exploring the potential of the blockchain market. In August 2019, the company was looking for a fintech marketing team with a focus on distributed ledger technology. Since then, however, there have been no high-profile announcements from the company.

That said, it’s worth noting that the company holds one of the largest cloud blockchain framework sites. The company’s product, called Amazon Management Blockchain, allows for the deployment and management of scalable blockchains via the cloud.

Recently it was reported that transaction volume on Binance Smart Chain has increased by 300%.

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Roman Mikhailov
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