Amazon.com has been busy lately, at least for the e-commerce giant. They recently acquired Twitch, the world’s largest live streaming platform for gaming, as well as a host of other companies, and they’re working on their own delivery system. But they’ve also been busy filing patent applications for Bitcoin and blockchain technology.
Amazon is denying rumors that the e-tailer is planning to start accepting Bitcoin, the digital currency. Amazon.com, Inc. released a statement on Thursday denying reports that the company is planning to start accepting the decentralized currency, which can be used to make purchases on an online marketplace.
Amazon has recently denied rumors that they are planning to support Bitcoin in the near future. The rumor spread like wildfire within the cryptocurrency community and was used as a reason for the market to crash. However, in a press statement, the company said that they have no plans to offer any cryptocurrency related services at this time.
Amazon has denied recent reports that it is planning to accept Bitcoin payments, stating that it presently has no plans to do so.
According to a Reuters article on July 27 quoting an Amazon representative, the company is still interested in crypto but has no immediate plans to accept digital assets for payment:
“Despite our interest in the sector, the rumors that have circulated about our particular intentions for cryptocurrencies are false.”
The spokesman did not dispute, however, that Amazon is investigating cryptocurrency payments, saying, “We are focused on studying what this might look like for Amazon consumers purchasing.”
Amazon announced a job opportunity for a digital currency and blockchain product lead on July 22. Four days later, the City A.M. newspaper in London published a report quoting a “source” who said Amazon was “absolutely” planning to accept Bitcoin payments and create a native token, sparking a frenzy of speculation over Amazon’s alleged crypto intentions.
Amazon’s reported intentions were linked by Wu Blockchain, a Chinese crypto media source, to Monday’s soaring market activity, during which Bitcoin gained approximately 15% in less than three hours amid a severe squeeze that resulted in more than $110 million in liquidations. Wu said on July 26 in a tweet:
“Bitcoin surged by 12 percent in one hour, outpacing the rest of the market. Because the Chinese have just recently awoken. Following the dissemination of the Amazon story in the Chinese community, the price of Bitcoin has clearly begun to rise.”
According to an insider, Amazon intends to accept Bitcoin payments this year.
BTC prices have begun to fall as Amazon denied its reported intentions to support Bitcoin. BTC was trading at $36,770 at the time of writing, down 4.4 percent in the last 24 hours, according to CoinGecko.
The position of Amazon’s payments acceptance and experience steam was revealed by Cointelegraph on July 23. The product lead will be in charge of creating the company’s digital currency and blockchain strategy, as well as a product roadmap.
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