giant!
The former richest man in the world, Amazon founder and CEO Bezos announced that he will abdicate in the third quarter of 2021, and the top spot of the entire Amazon group will be handed over to AWS (Amazon Cloud) CEO Andy Jassy.
As soon as this news came out, the outside world was full of speculation about Amazon’s business focus. The entire group is run by Jiaxi, who has been committed to developing blockchain cloud services in the past. It makes people think about whether Amazon will follow American payment methods such as PayPal and Visa. Giants have entered the field of cryptocurrency payments together. After
abdicates, Bezos said that he will still participate in the company's big plans, but wants to focus more time on the charity fund Day1Fund, the environmental venture capital fund theBezos EarthFund, the space company Blue Origin and the Washington Post.
After Bezos announced the handover, the market also focused on Jassy, who is about to become Amazon CEO, and is particularly interested in his past development in the blockchain field.
In 2017, Jassy was skeptical about whether blockchain could develop functions beyond distributed ledgers, but he also added:
"Even though my team and I are very interested in blockchain, it is difficult for the company to According to regulations, we cannot develop products just because we think blockchain is cool.”
However, as blockchain technology matures, Jiaxi’s attitude has also changed, and he even launched a blockchain product in 2018: AmazonManagedBlockchain solution makes it easier for users to manage and maintain blockchain networks.
According to AWS official information, the solution currently supports Hyperledger and Ethereum protocols, and its customers include Accenture, AT&T, Nestle, etc.
1. PayPal and VISA have entered the market with high profile. Will Amazon follow suit?
Since the U.S. Office of Currency (OCC) announced in July last year that U.S. banks and financial institutions will be able to legally custody cryptocurrencies, most U.S. companies have been actively exploring the possibility of adopting cryptocurrencies.
Payment giants such as PayPal and Visa have expanded their businesses into cryptocurrency.
In the same way, whether the e-commerce giant Amazon will launch a cryptocurrency payment service after the change of leadership is also a matter of imagination.
1.PayPal will support large-scale landing applications
PayPal announced the launch of cryptocurrency buying and selling and holding services in October last year, opening the door to cryptocurrency for its 340 million users. This has also become one of the reasons for the surge in Bitcoin at the end of last year.
In addition, PayPal also plans to open crypto payments to 28 million cooperative merchants around the world this year, turning cryptocurrencies into a source of funds for merchants. PayPal CEO Dan Schulman believes:
"Opening merchant payments will greatly accelerate the implementation of cryptocurrencies." .
2.VISA creates the future payment system
And another American payment giant, Visa, is also considering launching similar services.
Visa CEO Alfred Kelly said at the first quarter 2021 financial report meeting on the 28th: "The company will consider incorporating cryptocurrency into its payment system."
Kelly went on to point out that the encryption market is divided into two major categories. One is Represents new digital assets: such as Bitcoin; the other type is digital stablecoins directly supported by existing legal currencies, such as central bank digital currency CBDC.
Among them, Visa's strategy for the first type of cryptocurrency is similar to PayPal: Visa will allow users to purchase tokens through its platform, and will also provide users with the opportunity to exchange them for legal currency at 70 million stores around the world that accept Visa payments.
2. Amazon has entered the cryptocurrency payment market. What are the prospects?
If Amazon also takes advantage of the trend and integrates cryptocurrency into the payment system, just imagine what impact the cryptocurrency market will have?
According to Amazon’s fourth quarter 2020 financial report, Amazon’s net sales revenue in 2020 reached US$386 billion. Based on this, if all of Amazon’s revenue were paid in cryptocurrency, this would expand the size of the cryptocurrency market by 35.41% from $1.09 trillion to $1.476 trillion.
However, the full use of cryptocurrency payments still has implementation difficulties, such as: cryptocurrency custody issues, violent cryptocurrency price fluctuations that are not conducive to daily payments, high cryptocurrency transaction taxes in the United States, and other issues that still need to be solved by the payment giants.
Therefore, it remains to be seen whether Amazon will launch cryptocurrency payments in the future, but it is indeed possible that Jassi will lead Amazon to get closer to the blockchain or cryptocurrency market.
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