Bezos and Blockchain: What to Know About the Latest Amazon Crypto News

Amazon (NASDAQ:AMZN) is hiring for a new, one-of-a-kind position. The e-commerce monolith is looking to track down a Head of Blockchain Product, according to a new job listing on LinkedIn. The Amazon crypto news suggests the company is looking to finally break into DeFi. And, it’s spurring lots of speculation around the company’s future with digital currency.

Amazon (AMZN) logistics center in Szczecin, Poland.

Source: Mike Mareen / Shutterstock.com

The job signifies Amazon’s desire to bolster its Managed Blockchain product. Launched in 2019, the product allows Amazon users to create and manage their own private blockchains, notably, with support for Ethereum (CCC:ETH-USD) frameworks.

The company includes in its description a desire for a candidate with a robust background in DeFi and literacy across multiple blockchain frameworks.

Amazon Crypto News Leads to DeFi Speculation

The company’s increasing interest in building out its DeFi capabilities has lots of implications for the future of the company. Allowing users to manage private blockchains is just the tip of the iceberg. The company is only recently allowing users to mine cryptos like Chia (CCC:XCH-USD) through its Web Services cloud. Could there be plans to build out mining support with this coming DeFi expansion?

The growing number of crypto-centric hires points to the company wanting to join others who are investing in the currency. When Tesla (NASDAQ:TSLA) purchased a $1.5 billion stake in Bitcoin (CCC:BTC-USD), investors began to immediately speculate on whether Amazon would join.

Or maybe, this DeFi interest will turn into an Amazon-branded crypto product. Facebook (NASDAQ:FB) is seeking to launch its own stablecoin as early as this year. The coin is seeing a fair bit of controversy from regulators and investors alike. However, the company is deep into development and stern on its intention to unveil the product.

Amazon is rumored to be doing the same thing. Earlier this year, the company posted listings for its “Emerging Currencies” division. Speculation suggests this could be for the development of an Amazon payment coin.

On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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