Amazon CEO Said No Planning of Adding Crypto As Payment Soon

Amazon CEO and Chief Executive Officer Andy Jessy said Thursday in an interview with CNBC that the world’s largest e-commerce platform had no immediate plans to accept cryptocurrency as a payment method.

However, he said that non-fungible tokens (NFTs) may become a component of the game in the near future since they are rapidly gaining in popularity throughout the world and are projected to continue growing in popularity. NFTs became popular in 2020 and are a sort of blockchain artwork that can sell for millions of dollars.

Additionally, Jessy said both cryptocurrencies and NFTs seem to have tremendous future potential. Nonetheless, he is not in possession of any Bitcoin or other cryptocurrency at the moment.

Although traditional banking institutions first resisted cryptocurrencies, a growing number of businesses have begun to accept crypto payments. Additionally, it has become a viable alternative for a number of financial institutions after the popular acceptance of cryptocurrency.

Amazon and Other Tech Giants Are Currently Investigating The Asset Class

Last year, eBay, a worldwide e-commerce corporation, permitted the selling of NFTs on its site. NFTs were used to store images, trading cards, and video clips for digital collectibles. It was the first platform to capitalize on the digital artwork fever.

eBay, like Amazon, has said that it may incorporate cryptocurrencies into its payment options in the future.

Tim Cook, CEO of Apple Inc., said in a CNBC interview that he will control digital assets in November 2021. He added, however, that his company has no immediate plans to incorporate cryptocurrencies into its operations.

“I believe that owning it as part of a diversified portfolio is fair,” Tim remarked. Apple has been researching blockchain technology, but it is “not something we are planning to pursue in the near future.”

Amazon’s official came to outline the company’s goal in response to false allegations that it will begin accepting Bitcoin in late 2021. Last July, the British publication City A.M. disclosed the fact, citing an unidentified source. Prior to that, the e-commerce titan advertised a cryptocurrency-related position, causing brief price spikes and lending credence to the allegations.

Jassy assumed management of the Amazon firm in July, after Jeff Bezos’ decision to relinquish his job as CEO. Prior to joining Amazon, Jessy led the cloud services division.

Amazon attained a market value of $1 trillion in 2018, becoming the second corporation in the United States to do so. Its market capitalization has surpassed $1.5 trillion, making it the world’s fifth-largest firm. Apple, Saudi Aramco, Microsoft, and Alphabet are the world’s largest technology corporations.

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