There is a lot of interest in Amazon and Cryptocurrency words together. People are wondering what will be the move of Amazon with buying domains.
Is Amazon Gearing Up for a Cryptocurrency Exchange? In an article, ValueWalk.com reporter Maj Soueidan suggests Amazon could be “gearing up for cryptocurrency exchanges” following reports the company has registered names related to cryptocurrencies.
The domans include: amazonethereum.com, amazoncryptocurrency.com, amazoncryptocurrencies.com.
Domain registrations in November 2017:
CNBC reported the domain registrations in November, following up on an original report from trade publication, DomainNameWire, prompting immediate speculation across social and online publications, that AMZN was preparing to accept cypto-payments on it’s platform.
However, Maj Souejdan provides a different take, writing, “when I took one look at these domains, that is how they read to me. What would be the point of going out in registering a domain name like these if you were simply going to use one of the virtual currencies on the website as a method of payment? A domain name is a placeholder for a bigger project than that and, the thought of Amazon exchanges was literally the first thing that popped into my mind when I saw the domains. I literally said out loud ‘they’re going to set up exchanges’. ”
A potential Amazon cryptocurrency exchange:
Maj Souejdan follows up the ‘exchange’ premise with a speculative breakdown of how the company would monetize a potential Amazon cryptocurrency exchange, commenting that, “the notion of being able to take a fee off of every transaction in the future is, I believe, a promising runway for new revenue growth.
In addition, the managing of exchanges is would be an extremely synergistic enterprise for Amazon as not only do they already have the massive computing power necessary to run their own exchanges and potentially mine for cryptocurrency themselves, but they are already one of the world’s largest marketplaces and the addition of cryptocurrencies to their arsenal would likely be a self-fulfilling prophecy that helps bolster the value of the cryptos that they would be transacting in. Using all of their resources to run a cryptocurrency exchange could be one of the best new runways for revenue growth that Amazon could possibly enter into at this stage in the game.”
The article concludes with the ValueWalk.com reporter also speculating on the potential for AMZN to acquire Coinbase, eventually competing with Overstock.com while potentially allocating resources to mining cryptocurrencies, all resulting in increased “credibility of digital currency” space.
An Amazon Blockchain Does Not Look Imminent:
Anyone waiting for an Amazon blockchain or any other blockchain tools will have to wait. Amazon Web Services (AWS) CEO Andy Jassy stated at the AWS re:Invent conference that the absence of blockchain technology was deliberate. According to the CEO, the company does not want to focus on a technology which is surrounded by so much hype. While many of the other companies are jumping the blockchain bandwagon but Amazon Web Services is planning to stay away from the blockchain technology for the time being. Other than this Jassy announced over twenty new features related to AWS. Moreover, there were plenty of mentions of the Internet of Things (IoT) as well as machine learning.
The CEO revealed that the absence of blockchain from his keynote address was actually deliberate, and not a mistake as the company planned to focus on other technologies than blockchain.
He stated that a lot of their customers were trying to integrate blockchain with the AWS platform. He also stated that they were monitoring things closely in order to look at these developments. Also, he was of the opinion that these applications are pretty wide and niche for them to initiate. That is why currently they are just following the adoption of technology as well as the integration of tech with their platform rather than initiating the integration or developing the platform based on the blockchain technology.
According to the CEO, the current issues which are being solved or attempted to being solved with the help of blockchain can be solved with the help of other available tech as well. That is why using blockchain is not a necessity. However, it remains to be seen whether this prediction by the CEO actually proves to be true or not.