Amazon to Brave the Crypto Jungle?

The crypto world was taken aback by the news that Tesla has purchased $1,5 billion in Bitcoin and will accept purchases using the cryptocurrency. Followed by an enthusiastic pivot into crypto by its CEO Elon Musk, the move powered the coin to boost over new heights, reaching a new all-time high of $48k.  

However positive and bullish the crypto world might be, it pales in comparison to what is coming on the horizon. According to multiple sources, retail juggernaut Amazon is testing the crypto waters with a close-doors new project that connects the ubiquitous store with emerging cryptocurrencies.  

The test ground for this experiment is Mexico, and the story broke due to job postings listed, which contained the following excerpt:  

“We are looking for a leader to help us launch a new payment product starting with Mexico as our initial launch country. This product will enable customers to convert their cash into digital currency using which customers can enjoy online services including shopping for goods and/or services like Prime Video.” 

This is a massive, potentially paradigm-shifting change in big tech in a span of weeks. With Amazon testing its “Digital and Emerging Payments,” or DEP, the goal is to allow users to not only buy and sell cryptocurrency but also acquire goods in the store using digital tokens and coins.  

If the project will be successful, only time will tell. Nevertheless, these are interesting and peculiar times for crypto. If you fancy taking a piece of the crypto pie, trade BTC risk-free on our trading simulator!