Retail giant Amazon.com has already made its way into the homes of numerous households across the globe with their countless product offerings. Their stock value recently underwent a sizable spike courtesy the acquisition of Whole Foods in the aftermath of which the company has started cornering the grocery market with utmost prowess. However, Amazon’s appetite for growth and development has still not satiated which is evident from the fact that it is on the lookout for newer avenues by riding on the back of cryptocurrencies and it’s underlying Blockchain Technology.There were some speculations back some time that Amazon would launch it’s own Amazon Coin or Amazon Cryptocurrency.
A survey was conducted recently by LendEDU on Amazon prime members. The research findings revealed that more than 50% of the subscribed customers wish to proceed with the usage of Amazon coin for purchasing through the website.
51.7% of the 1000 shoppers who were polled provided a positive response to adopting to Amazon coin. 58.27% of the Amazon Prime members were open to using Amazon coin which was similar in characteristics to that of the numero-uno crypto Bitcoin.
This survey established the fact Amazon might very soon get into the cryptocurrency market with Amazon Coin. Most of the cryptocurrency enthusiast would unanimously agree to the fact that once a big-shot company starts endorsing the same, it shall garner a wider user base across the globe. This in turn will help in strengthening the foothold of cryptocurrency as the next big thing in the field of global finance.
49% of the respondents of the survey also revealed that they were open to using Amazon as their principal bank account whereas 38.3% agreed to open a savings account via Amazon. Although this is a totally new area for the company, the survey results indicate at a potential market which Amazon can tap in. If this materialises, then it can very well serve as an indication of a significant bull run for both Amazon and cryptocurrencies in days to come.
Once the retail business comes directly to the forefront of crypto space, it shall make way for rapid adoption and hike in the usage of digital currencies down the line. Users who avail of Amazon coins can exchange the same with bitcoins or other widely accepted cryptocurrencies. This shall provide avenues to a wider group of people for participation in the fast-growing cryptocurrency industry.
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Rohit Kukreja is a Commerce graduate with Financial Markets expertise involving Stocks, Forex, Futures & Options Market and now Bitcoins & Cryptocurrency Markets. Blockchain Enthusiast but not a techie, Rohit is an active member of various Blockchain & Crypto communities all over India.