A recent survey shows Amazon customers would be interested in blockchain technologies like cryptocurrencies and banking services developed by the company. Given Amazon’s position as one of the worlds leading online marketplace, the idea of creating a cryptocurrency and banking service is not too far-fetched. Whether the online retail giant will develop these resources is yet unknown.
The survey, conducted by LendEDU, asks 1000 Amazon consumers how they would feel if Amazon offered a variety of financial services like banking, insurance, cryptocurrencies and more. According to the poll, 51.7 answered yes to using cryptocurrency created by Amazon, 26.4 percent were unsure, and 21.90 percent answered no. When asked if they would be open to using an Amazon bank account, 44.50 answered yes, 16.40 percent responded no, with 39.10 percent responding unsure.
Amazon is in a good position to launch a cryptocurrency and banking services. Not only is it a reputable company, but it also has an infrastructure that would make starting the mentioned services seamless. Furthermore, it has been discussed how blockchain technology can benefit banking institutions. This could allow them to pioneer the use of the blockchain on a banking platform and set a precedent for other financial institutions.
In the past year, cryptocurrency and blockchain technology has caught the eye of investors, financial institutions and governments worldwide. Many view the digital asset with skepticism due to its newness and volatility. Despite all this, big tech companies such as Alphabet and Overstock are investing heavily in the technology with the latter recently launching an ICO. If Amazon does decide to launch an “Amazon Coin” and utilize blockchain for its services, it would further solidify the credibility of cryptocurrencies as an asset.