Cryptocurrencies have been expanding in every single way. Different countries are planning to create their cryptocurrencies (Venezuela, Russia, and others), and important shops may soon launch their own virtual currencies. According to a survey conducted by LendEDU on February the 27th, the so called “Amazon Coin” could receive an important support.
“Amazon Coin” A Reality or a Desire?
In the past, Amazon, eBay and Starbucks, important retail stores have been in the media due to different rumours about implementing blockchain technology to their businesses. For example, there were some rumours about eBay adopting Bitcoin after dropping PayPal as the main payment option.
According to a survey conducted by LendEDU, half of the 1000 respondents who use Amazon during the last month said that they would use an “Amazon Coin” if the company desires to develop one.
The questionnaire included 17 questions about possible Amazon expansions outside the retail domain. The other business branches that Amazon was analysing were pharmaceuticals, life insurance, and mortgage lending, among others.
Additionally, 61 percent of the respondents answered that they would trust Amazon more or as much as traditional financial institutions. The general question was if users would trust Amazon more than a traditional bank as an institution to manage their financial assets.
At the moment, there is no information about Amazon issuing its own cryptocurrency. The company is working with blockchain technology but it did not give further details about whether they are planning a cryptocurrency or not.
Starbucks Blockchain Platform
At CoinStaker we have written about Starbucks and its plans to implement a payment application based on blockchain technology. On February the 27th, Howard Shultz, Starbucks Executive Chairman commented:
“I personally believe that there is going to be a one of a few legitimate trusted digital currencies off of the blockchain technology. And that legitimacy and trust in terms of its consumer application will have to be legitimize by a brand and a brick and mortar environment, where the consumer has trust and confidence in the company that is providing the transaction.”
Interestingly, Mr Shultz has shown one of the most important points of LendEDU survey about Amazon. Most of the respondents said that would trust Amazon as much as a bank or a financial institution to manage their funds.
This could be very important, in the future Amazon may launch its cryptocurrency and it will already have individuals ready to purchase it or use it.
About Starbucks, at the moment it is not thinking about creating a cryptocurrency, but it will use blockchain technology to improve its services and products. The main intention is to increase consumer’s satisfaction while buying at any Starbucks.
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