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Is amazon coin a cryptocurrency that will be on exchanges

is amazon coin a cryptocurrency that will be on exchanges

Amazon Coins can be bought on the company e-commerce platform. One such coin equals one cent, and that means an ownership of as many as 100 Amazon Coins is needed to have a USD one dollar holding. It is notable that these coins have a fix peg to the US dollar, but they cannot be equated with stablecoins like Tether.

Final Thoughts

Amazon is one of the largest tech companies in existence and its reach often feels never-ending. This, and the company’s tendency to buy cryptocurrency-related domain names are enough to convince the public that there may be an exchange in the works. There are also rumors that Amazon plans to buy Coinbase, the largest US-based cryptocurrency exchange.

But after examining the data closely, it is easy to see that Amazon has no intentions of launching a full cryptocurrency exchange. At most, the firm may end up having its own digital asset and blockchain system to improve its payment process. As for a full exchange, it seems highly unlikely at this time.

Domain Name Registrations in November 2017

Amazon has been known to buy up local domains in the past. In April 2017 the firm dropped over $500,000 USD on Amazon.se, a Swedish-owned domain name. In November 2017, it acquired several cryptocurrency-related domain names including:

  • Amazonethereum.com
  • Amazoncryptocurrency.com
  • Amazoncryptocurrencies.com

This further fanned the flames, prompting even more speculation that the firm is planning something big in the crypto exchange world. According to the information on the registration documents, the firm’s legal department is responsible for the domain names. However, no formal announcements concerning these purchases have been made to the public so far.

Each domain is connected to Amazon Technologies, Inc., a subsidiary company of Amazon.com which is mostly involved in filing patents by its parent company. It is located in Sao Paulo, Brazil and also handles the computer and software systems, logistics, as well as research on the environmental viability and techno-economic studies.

Although these names suggest a possible association with digital currency, the available data which the company has actually shared concerning its blockchain affairs, is insufficient to tell whether the firm has any such plans. It seems that Amazon would have no need to register such domain names, only as a way for users to carry out crypto transactions. This is why it sounds palpable that the firm could only have reserved the chosen domain names for a possible future exchange.

An Amazon Exchange Does Not Seem Likely Anytime Soon

With all the points discussed above, the data suggests that the answer to the question “will Amazon launch its own cryptocurrency exchange?”, is: no, it will most likely not. According to the Amazon Web Services CEO, Andy Jassy, in areportby Fortune, the absence of blockchain technology in the company’s operations is deliberate since they do not want to focus their resources on a technology that is mostly driven by hype. AWS may even plan to avoid blockchain technology for now, but the firm has added additional features which are closer in functionality to IoT and machine learning.

Every day, blockchain-related companies emerge as the global population grows more interested in the technology. Businesses are also attracted to the types of benefits which blockchain provides. AWS would rather observe its customers who require integration with a digital ledger like blockchain.

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