Ripple CEO David Schwartz said there is a great possibility that Amazon will launch their own cryptocurrency in the near future.
Speculation about Amazon's potential interest in entering the crypto industry has been a hot topic in the crypto world for years.
In a new post on Quora, the Ripple CEO said he believes online retail giant Amazon will soon launch a cryptocurrency for its 200 million users.
However, Schwartz is concerned that the difficulty of converting value from cryptocurrency to fiat will be the major hurdle that keeps Amazon out of the way.
“Imagine if you had a currency for which you were paid, a currency for which you had to pay taxes, a currency that you used to pay your rent, a currency in which you used to make a purchase… it would be a confusing mess… Not only do you incur a lot of pointless fees when converting between currencies, but also what percentage of your salary you need to pay rent because currencies can change in value relative to each other, "he said.
According to him, using cryptocurrencies, all of the above problems will be solved if Amazon solves the problem of converting value from cryptocurrency to fiat in the most convenient way for users.
Back in 2017, Amazon bought three crypto-related domains - amazoncryptocurrency.com, amazonethereum.com and amazoncryptocurrencies.com. This leads many to believe that Amazon is about to enter the industry.
Amazon also has several blockchain patents, at least one of which aims to track items in real time across the entire supply chain.
In 2019, analyst firm Cindicator revealed that Amazon will launch its own cryptocurrency to compete with Libra by Facebook.
And most recently, the belief that Amazon will launch its own cryptocurrency has been strengthened, as Amazon Pay vice president Patrick Gauthier said, “We will launch a cryptocurrency soon. private at any time ”.
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