Shares of Coinbase (NASDAQ:COIN) stock are taking off on Monday thanks to bulls jumping back into cryptocurrencies on Monday.
For example, Bitcoin (CCC:BTC-USD) jumped as much as 20% on the day to a six-week high before cooling off where it stands now, up 14%. But there is some news that appears to being driving these cryptos higher. So, what is causing these gains? Let’s take a closer look at the latest.
- Rumors of Amazon (NASDAQ:AMZN) exploring the possibility of allowing its customers to use crypto as a form of payment is causing a stir in digital currency markets.
- According to Bloomberg, a job posting from last week for a “Digital Currency and Blockchain Product Lead” is where this idea sprouted from.
- “You will leverage your domain expertise in Blockchain, Distributed Ledger, Central Bank Digital Currencies and Cryptocurrency to develop the case for the capabilities which should be developed,” the posting says.
- The person who does end up taking the job will work with many teams across Amazon, including Amazon Web Services (AWS) “to develop the roadmap including the customer experience, technical strategy and capabilities as well as the launch strategy.”
- This is an interesting development because while Amazon does not currently allow customers to pay with crypto, AWS offers a “blockchain technology infrastructure product.”
Moreover, Amazon released a statement after reports identified the job posting:
“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon. We believe the future will be built on new technologies that enable modern, fast and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”
COIN stock was up 8.6% as of Monday afternoon.
On the date of publication, Nick Clarkson 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.
Nick Clarkson is a web editor at InvestorPlace.