E-Commerce titan Amazon is a little late to the crypto party but they are starting to feel the burn now. According to Binance CEO Changpeng Zhao, Jeff Bezos and friends will have to create their own crypto in the future if they want to compete with crypto startups.
AMAZON NEEDS TO START CRYPTO ADOPTION BEFORE STARTUPS
Amazon has more money than anyone yet it doesn’t seem they are fully supporting blockchain technology yet. Unless something is happening behind the scenes that we don’t know, but publicly, not much information is out there. Changpeng Zhao, however, is confident that Amazon will certainly enter the crypto space. If not, they’ll miss out on some potential profits stolen by innovative crypto startups. On the topic, Zhao stated that “for any internet (non-physical) based business, I don’t understand why anyone would not accept crypto for payments.”
AMAZON ALREADY HAS CRYPTO STARTUP COMPETITORS
It’s hard to imagine Amazon having any competitors at all but in the blockchain space, they do. Already there are several crypto startups out there working on e-commerce blockchain solutions. TIPO, for example, is optimizing payments, increasing efficiency and giving more people around the world opportunities for income generation. But if we really think Jeff Bezos will turn down a profit, then we obviously don’t know him yet. Much like the rest of us HODLers, Bezos is just waiting for the right moment to strike.
AMAZON WILL BUY CRYPTO STARTUPS AND INITIATE WIDESPREAD ADOPTION
Much like Facebook is doing, Amazon will likely acquire an existing startup to implement its own blockchain and cryptocurrency. With all their capital, they might even build an entire financial ecosystem someday. There are already several innovative startups out there like TIPO, YouHodler, and Nauticus that Bezos would surely be interested. One thing is for sure though. Once he enters the game, expect to see some major market response.
Cryptocurrency is something imperative and necessary.