There is a lot of interest in the words of Amazon and Cryptocurrency together. People are wondering what will be the Amazon move with the purchase of domains. Amazon (AMZN) is preparing for a cryptocurrency exchange? In an article, the ValueWalk.com reporter, Maj Soueidan, suggests that Amazon (NASDAQ: AMZN) could "equip itself for cryptocurrency exchanges" following reports from the company that registered names related to cryptocurrencies. The questions include: amazonethereum.com, amazoncryptocurrency.com, amazoncryptocurrencies.com.
Domain registrations in November 2017
CNBC reported domain registrations in November, following an original report from the commercial publication, DomainNameWire, urging immediate speculation between social and online publications, which AMZN was preparing to accept cyptopayments on its platform. However, Souejdan provides a different grip, writing, "when I looked at these domain names, that's how they read me." What would be the point of going out in registering a domain name like these if you simply used one of the digital currencies on the site as a payment method? A domain name is a placeholder for a project bigger than that and, the thought of Amazon exchanges was literally the first thing that came to my mind when I saw the domain names. literally said aloud "they are going to create exchanges". "
A potential cryptocurrency exchange on Amazon
Souejdan follows the premise of the "exchange" with a speculative breakdown of how the company would monetize a potential stock exchange of Amazon's cryptocurrency, commenting that "the notion of being able to take a share from any transaction in the future is, I believe, a promising track for a new Revenue growth: In addition, trade management would be an extremely synergistic business for Amazon, as they not only already have the massive computing power needed to run their trades and potentially the same cryptocurrency, but they are already one of the most large markets in the world and the addition of cryptocurrencies to their arsenal would probably be a self-fulfilling prophecy that helps reinforce the value of the crypts they would be involved in. Using all their resources to perform a cryptocurrency exchange could be a of the best new bridges for revenue growth that Amazon could possibly enter in this phase of the game. "
The article concludes with the ValueWalk.com journalist who speculates on the potential for AMZN to acquire Coinbase, possibly competing with Overstock.com (NASDAQ: OSTK), while potentially allocating resources to extract cryptocurrencies, all resulting in an increase of the "credibility of the digital currency" space.
An Amazon blockchain does not seem imminent
Anyone waiting for an Amazon blockchain or other blockchain tools will have to wait. The CEO of Amazon Web Services (AWS) Andy Jassy told AWS re: Invent that the absence of blockchain technology was deliberated. According to the CEO, the company does not want to focus on a technology that is surrounded by so much clamor. While many other companies are jumping the blockchain bandwagon, but Amazon Web Services is planning to stay away from blockchain technology for the time being. In addition to this, Jassy has announced over 20 new features related to AWS. Furthermore, there were many mentions on the Internet of Things (IoT) and on machine learning.
The CEO revealed that the absence of blockchain from his programmatic speech was actually deliberate and not a mistake, as the company planned to focus on other technologies rather than blockchain. He claimed that many of their customers were trying to integrate the blockchain with the AWS platform. He also stated that they were closely monitoring things in order to look at these developments. Moreover, it was of the opinion that these applications were large enough and niche to start. This is the reason why they are currently only following the adoption of technology and the integration of technology with their platform rather than starting integration or developing the platform based on blockchain technology.
According to the CEO, the current problems that are solved or attempted to solve with the help of blockchain can be solved with the help of other available technologies. That's why the use of blockchain is not a necessity. However, it remains to be seen whether this prediction by the CEO actually turns out to be true or not. For the time being, the use of blockchain technology has increased rapidly.
The number of companies that are planning to use blockchain technology increases day by day. As new applications based on blockchain technology are created, even more companies are attracted to technology. In that case, AWS would be forced to stay away from blockchain technology for a long period of time. It also risks losing the bus when it comes to blockchain. As long as they are able to keep it eye, they would be able to jump on the cart just in time.
Amazon registered Web domains Cryptocurrency, Ethereum and Bitcoin in November 2017
As per different records on the web, it is now known that Amazon, the e-commerce giant, has registered 3 web domains related to the cryptocurrency. This led to speculation that the company might have plans to enter this market space. However, it can be noted that currently no one is clear about the main purpose and use of the domain names recently registered by Amazon.
The three domain names that were registered on October 31st by the e-commerce company are "amazoncryptocurrency.com", "amazonethereum.com" and "amazoncryptocurrencies.com". Information provided on registration documents, such as telephone numbers, etc., belongs to the Amazon legal department. However, no representative of the legal department has ever issued statements to the press regarding this registration.
The newly registered Web domains are connected to a subsidiary of Amazon.com, Inc., or Amazon Technologies, Inc. In the past, this branch was primarily involved in the filing of patents by the parent company. The subsidiary is headquartered in São Paulo, Brazil, and specializes in logistics, computers and software systems; conduct technical-economic and environmental feasibility studies; and procure engineering works and projects.
DomainNameWire, the commercial and industry news site, was the first publication to publish on these new Amazon recordings.
What are Amazon's intentions?
When we read the news about new domain registrations for the first time, we are forced to think that Amazon is trying to enter the cryptocurrency market. This market has seen tremendous growth over the past decade and has shocked various industries. However, it should be noted that 3 years ago Amazon had bought a similar web domain and therefore did nothing more. This domain, for example "amazonbitcoin.com", simply redirects to the main page of the Amazon web page.
It can therefore be said that the purchase of the new Web domains is only a way to safeguard the company brand. The intent of new registrations could be just the protection of your brand!
It can also be said that the registrations could have been made in order to avoid confusion between the company's virtual currency, Amazon Coin and other cryptocurrencies in the market. Amazon Coin was launched by Amazon in 2013 and can be used by customers to make online payments.