Cryptocurrency

Consumers interested in idea of Amazon-created cryptocurrency, survey reveals

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More than half of consumers would be open to using an Amazon-created cryptocurrency, with Amazon Prime users even keener, according to poll findings from student loan marketplace LendEDU.

The study, which polled 1,000 consumers who had purchased a product from Amazon in the past 30 days, found 51.7% would be interested in an ‘Amazon Coin’, with the number increasing to 58.27% for Prime members, and only one in five (21.9%) saying no.

That said, trust – one of the key issues in any blockchain conversation – won’t necessarily go up if the tech giant was holding the purse strings. Only 17% of those polled said they would trust Amazon more than a traditional bank, compared with 23% who disagreed and 38% who said levels of trust would be about the same. Nine in 10 respondents however said that overall, they trusted Amazon to have their best interests in mind, with 52.49% answering ‘yes, very much so’ and 37.56% opting for ‘somewhat.’

So what is Amazon’s relationship with cryptocurrencies right now? Amazon Web Services (AWS), the company’s cloud computing arm, is exploring blockchain through its partner ecosystem, particularly focusing on healthcare, financial services, supply chain management, and security and compliance.

Yet any plans for the company to build its own solution will have to wait some time yet – if at all. At re:Invent back in November, AWS chief executive Andy Jassy went through the full gamut of new product releases, focusing on machine learning, serverless, and the Internet of Things (IoT). Yet blockchain got nary a mention; Jassy explained that AWS does not just ‘build technology because we think it’s cool’.

“The world of virtual currency is a confusing one, so Amazon would proceed with caution,” wrote Mike Brown, research analyst at LendEDU in a blog post. “However, the potential for using an Amazon-created virtual currency to make purchases on the site even more streamlined is certainly tantalising.”

You can see the full list of survey results here.

1 Comment

1 Comment

  1. Laurie Hart

    March 30, 2018 at 2:18 am

    I’m an Amazon customer and a cryptocurrency backed by Amazon will be received and purchased enmasse. My relationship with Amazon will never end and it is because of the Trust the name alone represents. It’s Platform will be solid and well thought out. Adoption will be immediate and global and,perhaps I’m jumping the gun, the crypto will sky-rocket. About time Amazon!

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