• Recently, Bolt, a payment service provider acquired Wyre, a Web3 company for $1.5 billion.

• Amazon CEO Andy Jassy admitted that the digital asset space is an emerging area, and has commanded a lot of interest with some ongoing discussions.

Soon after Mark Zuckerberg announced that Instagram might dive into the NFT space, Amazon CEO Andy Jassy has hinted at a possible integration in the future. Speaking in an interview with CNBC, Jassy admitted that the digital asset space is an emerging area, and has commanded a lot of interest with some ongoing discussions. He specifically mentioned that the NFT ecosystem is an area with huge potential, and admitted that it has already taken off. 

I expect that NFTs will continue to grow very significantly. We’re not probably close to adding crypto as a payment mechanism in our retail business. But I do believe over time you’ll see crypto become bigger and it’s possible.

According to Jassy, the cloud computing and e-commerce platform have not made any advanced discussion on making crypto a payment option. However, the possibility is not totally ruled out as the crypto industry has a huge potential to mature. 

I count on that NFTs will proceed to develop very considerably. We’re not most likely near including crypto as a fee mechanism in our retail enterprise, however, I do consider over time that you just’ll see crypto turn out to be greater and—it’s potential [that Amazon ingrates crypto payments].

He further disclosed that he does not have any NFT or crypto in his investment portfolio. Regardless of his personal stance, the Amazon NFT marketplace is highly likely to be launched in the future.

Amazon competitors already diving into crypto

In the last couple of years, Amazon’s competitors in retail shopping and payment service have made advanced decisions with crypto partnerships. Recently, Bolt, a payment service provider acquired Wyre, a Web3 company for $1.5 billion to ensure that merchants offer crypto payment for online shopping. This deal is so far the biggest in the crypto industry. 

Also, Shopify, an e-commerce platform collaborated with Strike to make it possible for Bitcoin-to-Cash payments to be executed by all of its global merchants. The move was to take advantage of the fast Bitcoin lightning network and the lower transaction cost. 

The decision of Amazon concerning cryptos has been a bit unclear over time. For some time now, the company has been advertising crypto-related job postings, however, the CEO’s first annual shareholders’ letter did not make mention of cryptos or plans concerning digital asset integration.

Last year, Amazon advertise job posting for digital forex and blockchain product lead. The London enterprise newspaper Metropolis A.M. in response stated that Amazon has settled for Bitcoin according to information received from an insider. They reported that Amazon was “planning to concern its personal token for 2022”, a move that can trigger a significant Bitcoin price surge.