AMP price shoots 50% on rumours of working with Amazon on its crypto project

  • Amazon can leverage AMP’s instant, verifiable assurances to validate quick value transfer.
  • Amazon is likely to integrate Bitcoin and altcoin payments by the end of 2021.

Digital collateral token AMP has shot up 50 percent today on the rumors that it, along with Algorand, is working with Amazon on its crypto project. There’s no official word from Amazon yet, but the news that the e-commerce giant is making moves to enter the crypto space is doing rounds. At press time, AMP is trading 4 percent up to a price of $0.07 with a market cap of $2.9 billion.

Popular YouTube channel BitBoy Crypto, with over 1.1 million subscribers, has also spoken about it. Citing sources from inside Amazon, BitBoy said that there are strong rumors of the e-commerce giant working with two crypto projects AMP and Algorand.

AMP is basically a digital collateral token that offers instant, verifiable assurances for any kind of value transfer. Thus, with Amazon mulling to accept crypto payments, AMP can be its potential partner.

Last Friday, Amazon posted a job offer stating that it’s looking for a Product Lead for its Blockchain and Crypto division. The person in charge will be responsible for creating a strategy and product roadmap. The job listing noted:

You will leverage your domain expertise in Blockchain, Distributed Ledger, Central Bank Digital Currencies and Cryptocurrency to develop the case for the capabilities which should be developed, drive overall vision and product strategy, and gain leadership buy-in and investment for new capabilities.

Amazon has Bitcoin and crypto ambitions

Well, there’s something more to it than meets the eye! Apart from just hiring a new executive, the e-commerce giant is also looking to integrate Bitcoin payments. If so, Amazon will be second after Tesla among the top ten companies to accept Bitcoin.

An insider working with Amazon told the City AM publication that amazon will ‘definitely’ launch BTC and crypto payments by the end of 2021. The source said:

This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future – this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work. It begins with Bitcoin – this is the key first stage of this crypto project, and the directive is coming from the very top…

The “very top” source mentioned the directive is directly from chairman Jeff Bezos. Besides, BitBoy Crypto also noted that Amazon’s new CEO Andy Jesse is very pro-crypto. Apart from just BTC, the executives at Amazon are also working to integrate some of the top ten cryptocurrencies. The source noted:

Ethereum, Cardano and Bitcoin Cash will be next in line before they bring about eight of the most popular cryptocurrencies online. It won’t take long because the plans are already there, and they have been working on them since 2019.

As the final leg of the project, Amazon can also introduce its own native cryptocurrency. The e-commerce giant will experiment with this at first. It will incorporate a multi-level infrastructure wherein users can pay for goods and services and earn tokens as loyalty points.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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