Amazon Pay VP Refuses To ‘Deal In The Speculative’ With Crypto

By Sumedha Bose

With Project Libra, Facebook has become one of the major corporations that has dared to dabble in crypto such explicitly. Naturally, the question people are asking now is that whether the other corporations are also gong to experiment with crypto now that Facebook has gotten a head start?

Well, not anytime soon for Amazon. The company has rubbished the idea of Creating Its Own Cryptocurrency? and has made it clear that the market shouldn’t expect a crypto project from them anytime soon. They believe that it will be several years before Amazon comes up with something like Facebook’s Libra.

Patrick Gaulthier, vice president of Amazon Pay, was the mouthpiece for the company at Fortune’s Brainstorm Finance 2019 event. He said:

“It’s fresh, it’s speculative; at Amazon, we don’t really deal with the speculative, in the now.”

He clearly disregarded the idea that Amazon will launch something similar, by making it explicit that they do not see it as a viable project to undertake in the current climate. Amazon has however widely embraced blockchain research and devoted its time and resources to that. He said:

“At Amazon, we deal with data a lot, so I’ll be happy to have that conversation two or three years from now.”

Well looking at the kind of trajectory that Amazon has had, they might be a little too comfortable in their position to try out the crypto industry just yet. I personally feel that they are looking to observe how Facebook’s Libra performs in the market and based on that maybe they will make their plans for the future.

E-commerce has emerged as a huge industry in today’s globalized world and a Libra style cryptocurrency might not be a distant idea for this sector. In fact, if Amazon has to keep up with the times, they should definitely consider launching their own currency.