CZ believes Amazon will have to have its own altcoin

CZ believes Amazon will have to have its own altcoin

The CEO of one of the greatest exchanges, Binance, CZ (Chanpeng Zhao) believes online retail giant, Amazon, will have its own Altcoin in the future in a tween on Feb. 2.
Changpeng Zhao — CEO of Binance —doesn’t think it so much of a question as to why, but rather when will Amazon issue its own coin. The retail giant has made efforts to adopt forms of blockchain technology in the past, but as far as we know those efforts are tied to rumors. These rumors periodically appear in the press; including those that Amazon could integrate Bitcoin (BTC) as a payment method.

Zhao stated his outlook for online companies:

Followed by

Now, one question remains; why does Amazon need its own currency? The purpose of having currencies that hold a monetary value such as; bitcoin, bitcoin cash, USDC/USDT, or even Monero, is to be able to make purchases through authorized retailers. Therefore having a coin that is acceptable as a form of payment already exists. Personally, Amazon having its own currency could work in two ways.
The first route Amazon’s coin could take is to be traded on an exchange as a utility asset for the company, holding a stock like value. The second route this coin could take would be very similar to Amazons store card. The coins would be an exclusive method of payment on Amazon; chances are Amazon would have to offer an incentive in order to get people to use the coin.
Although Zhao is correct on cryptocurrencies being more useful for internet-based companies, Amazons very own altcoin is technically unnecessary and may or may not be in their favor. It all depends if it’s done right in order for the coin to hold its true intrinsic value.

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