Eyebrows were raised on Tuesday as it was discovered that online retail giant Amazon registered not one, not two, but three separate domain names related to cryptocurrency: amazonethereum.com, amazoncryptocurrency.com, and amazoncryptocurrencies.com.
The possible reasons behind this decision have caused imaginations to run wild. The first of this mysterious trio could imply a possible partnership between Amazon and Ethereum, or perhaps an Amazon platform that would accept Ethereum as payment. The other two may represent the possibility of an Amazon coin, and even an Amazon coin exchange.
A Nod at Crypto, or Simply Defending the Brand?
Let’s not get too excited, though. Patrick Gauthier, VP of Amazon Pay, recently told CNBC that Amazon has no plans to accept cryptocurrency because of a lack of serious demand. If this is indeed the case, the decision to register these domain names could be an act of protecting the Amazon brand name.
In fact, this isn’t actually the first time that Amazon has registered a crypto-related domain name. According to a report from Coindesk, Amazon registered ‘amazonbitcoin.com’ around three years ago (the link now redirects the visitor to the Amazon homepage).
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One thing is for sure: every time that Amazon gives any kind of acknowledgement to the world of Bitcoin, the price gets an immediate (if temporary) boost. The Next Web reported one example of this just last month, when a baseless rumor that Amazon was considering accepting Bitcoin began circulating.
Customers and Corporations Could Have a Lot to Gain from Crypto Adoption
This is a very positive indication that if (or perhaps when) Amazon develops some sort of crypto-based payment platform, the crypto space could potentially see a large boost. In the world of crypto, there is a direct correlation between adoption and valuation. As a growing number of online retailers and corporations begin accepting Bitcoin as payment, more customers begin using it. As the demand increases, the price rises. Cha-ching.
If Bitcoin continues along its long-term bullish rise, there could be some major benefits for companies that adopt the currency as a means-of-payment early on. There are a few larger online companies who have already begun to accept Bitcoin; among them are Overstock.com, Expedia, and Dish Network.
So, it looks as though Amazon’s latest domain registries may be a false alarm. However, the company may be wise to reconsider its decision not to pursue some sort of crypto as a means of payment.