Amazon Must Create Own Crypto, Binance CEO Says

Binance’s very own CEO, Changpeng Zhao, believes that Amazon will soon enter the crypto space. According to one of the digital currency industry’s best-known figures, the e-commerce company cannot just avoid the idea of issuing its own cryptocurrency. The interesting narrative was revealed via Zhao’s Twitter.

Amazon’s Own Altcoin

The aforementioned CEO is known for its attempts to discuss the internet business sector more broadly, especially since he is the figure behind the leading crypto exchange called Binance. For Zhao, Amazon’s possibility of creating its own altcoin is not so much of a question. It is rather a possibility that only the company could deliver.

It is worth noting that the retail giant is not entirely new to the concept of altcoin. Well, at least, it has made dozens of efforts in hopes of adopting different forms of blockchain technology in the past. But as far as its relationship with digital currency is concerned, it always remains tied to rumors.

Interestingly, these rumors tend to appear in the press every now and then. This includes the possibility of Amazon integrating Bitcoin, the world’s leading cryptocurrency, as a payment method.

Better Than Traditional Payments

Zhao said that for internet-based business, it is only right for a company to accept and/or use cryptocurrency for payments. Not only is it easier and faster, but it is also cheaper to integrate when compared to traditional payment methods. More importantly, digital currency can reach more diverse demographic and, at the same time, geography than conventional payment processes.

As such, Zhao is confident Amazon – whether the company likes it or not – will have to issue a digital currency sooner or later. As of press time, the company has declined to give out comments regarding Binance’s CEO.

Bitcoin By Default

Zhao also made his statement in the same week Twitter’s very own CEO named Jack Dorsey gave out his forecast. Basically, the former suggested that the internet would soon end up using a default digital currency – and the most likely crypto asset is going to be Bitcoin.

Speaking on a podcast hosted by UFC commentator Joe Rogan, Dorsey further stated that the aforementioned crypto is – and always will be – the largest digital currency; hence, it is going to be the clearest choice. He is, however, not ultimately sure if the crypto can really fulfill this role.

For Dorsey, Bitcoin was not only born on the Internet but was also developed on the Internet.