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Amazon Makes a Bet on Blockchain With Kaleido Deal

By Karl Utermohlen, InvestorPlace Writer, Inc. (NASDAQ:AMZN) announced that the company is entering the blockchain fray by inking a deal with Kaleido.

Source: UPS

The e-commerce giant said that it is hoping to expand its cloud computing arm with the hopes of making it easier for customer to use blockchain as part of the partnership. The partnership is with Kaleido, which is a product of a major blockchain incubator known as Consensys.

The idea is to help Amazon’s AWS customers have an “easy button” to get into blockchain technology, which is a decentralized ledger that serves as the backbone of bitcoin and other cryptocurrencies. “Introducing Kaleido to AWS customers is going to help customers move faster and not worry about managing blockchain themselves,” Amazon Web Services said in a statement.

“They can focus on their scenario and they don’t have to become PhDs is cryptography, we give them a simple platform to build their company on blockchain,” said Steve Cerveny, one of the founders of Kaleido. This will be the first blockchain SaaS solution available on the AWS Marketplace and it is designed to help them advance on their blockchain projects.

AWS is an Amazon subsidiary that offers users a paid subscription for cloud computing platforms, which is available to individuals, companies and governments. The company is making the initiative happen through a series of partnerships.

AMZN stock fell about 1.6% Tuesday.

Article printed from InvestorPlace Media,

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