Amazon’s Rumored Crypto Adoption Spurs AMP Tokens By 50%

Tokenized digital collateral AMP has gained 50% today on speculations that it, alongside Algorand, is collaborating with Amazon on a cryptocurrency based initiative.

There’s no formal declaration from Amazon yet, but rumors are circulating that the e-commerce behemoth is considering giving support to the crypto sector. At the time of writing, AMP was up 4% to $0.07 per share, with a market valuation of $2.9 billion.

BitBoy Crypto, a widely known YouTube channel with more than 1.1 million subscribers, has also discussed bout the development. According to BitBoy, who cited sources within Amazon, there are solid speculations that the e-commerce behemoth is collaborating with two crypto ventures, AMP and Algorand.

AMP is a digital collateral token that may be used to provide fast, provable guarantees for any type of payment transactions. As a result, AMP may be a potential associate for Amazon, which is considering accepting crypto payments.

Amazon issued a job posting on Friday searching for a Product Lead for its Blockchain and Crypto section. The chosen person will be tasked with the responsibility of developing a product roadmap. The job description stated:

“You will use your technical knowledge in Blockchain, Distributed Ledger, Central Bank Digital Currencies, and Cryptocurrency to build a system with new capabilities, drive overall approach and business model, and obtain leadership buy-in and funding for new abilities.” There’s more out there than seen visually, after all! In addition to recruiting a new boss, the e-commerce behemoth is considering integrating Bitcoin payments. If this is the case, Amazon will turn out to be the second-largest Bitcoin acceptor behind Tesla.

According to a source close to Amazon, the company will ‘certainly’ implement Bitcoin and cryptocurrency payments before the end of this year. “This isn’t simply going with the flow of setting up cryptocurrency payment options at some point down the road — this is a comprehensive, well-thought out, fundamental aspect of how Amazon will function in the future,” the insider explained. It all starts with Bitcoin – this is the crucial initial step of this crypto endeavor, and the command comes from the supreme chief…”

The instruction comes straight from chairman Jeff Bezos, according to the “very high” source. Furthermore, Amazon’s new CEO, Andy Jesse, is highly pro-crypto, according to BitBoy Crypto. In addition to BTC, Amazon officials are trying to incorporate several of the top 10 cryptocurrencies.

“Ethereum, Cardano, and Bitcoin Cash could be next in queue before they introduce approximately eight of the most famous cryptocurrencies online,” the insider added. “It won’t take much of a time because the strategies are formulated and preparations have been going on since 2019.” Amazon can potentially create its in-house crypto as the venture’s last stage.

To begin with, the e-commerce behemoth will try it out. It will include a multi-level architecture that will allow customer to purchase for products and services while also earning tokens that can be used as reward points.