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Binance CEO’s Prediction about Potential Cryptocurrency of Amazon

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The CEO of the largest cryptocurrency exchange platform Binance is recently in the news as he has expressed his views regarding the adoption of the crypto assets, especially in the internet based business. He spoke about the solution for the payment troubles via his twitter handle, which holds more than 277,000 followers.

Changpeng Zhao (CZ), the CEO of crypto exchange giant Binance has tweeted that Amazon will have to release a currency sooner or later. Actually, Zhao first tweeted about crypto’s adoption in any e-commerce business. He questioned why such internet-based firms are not embracing cryptocurrencies. He added that using crypto assets for payments is more convenient than the traditional one, as cryptos offer some of the basic features and benefits which traditional currency can not.

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After Zhao’s tweet, a Twitter user named ‘Dan the BULL’ commented that if Jeff Bezos initiates accepting crypto, rest of the world will follow. Importantly, Jeff Bezos is CEO at Amazon. Responding to the comment, the CEO of Binance noted, “Amazon will have to issue a currency sooner or later.” :

Amazon stepping into crypto space is perhaps the most desirable move for the crypto users, considering the significance of e-commerce giant. Crypto believers think that the adoption of crypto payment technology by the world’s online retail behemoth would trigger the mass adoption, giving the crypto market its breakthrough moment.

Moreover, reports also suggest that Amazon’s payment system is getting affected since WorldFirst has been acquired by Ant Financial. WorldFirst used to be Amazon’s primary payment system. Due to the acquisition, WorldFirst e-mailed Amazon notifying an immediate shut-down of their US operations. One more factor which puts an impact on private companies like Amazon is the trade restrictions imposed between the US and China.

Apart from that, Overstock, a famous Retail company had announced that it will be accepting Bitcoin in 2014. Since then the crypto industry is expecting from Amazon to enable cryptocurrencies for payments. By now, crypto communities have started to estimate why Amazon is not enabling cryptos. Overstock initiated accepting cryptos in partnership with crypto exchange giant Coinbase.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

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