Amazon Web Services announced in January a partnership with Ava Labs to expand their enterprise blockchain offerings and integrate Web3 features into their platforms.
Rumors surfaced this year regarding whether the company may also launch its own digital currency, due to a job advertisement posted earlier.
What is Amazon crypto?
Many have speculated on an Amazon cryptocurrency, yet none exist. Amazon never created their own token and anyone claiming they sell one may well be engaging in fraudulent activity.
Amazon Web Services announced in January a partnership with Avalanche, a blockchain platform supporting non-fungible tokens (NFTs). This was seen as an indication that Amazon may soon launch their own NFT marketplace.
Amazon recently joined Avalanche’s ranks by hiring for positions related to digital currency and blockchain technology, such as its new position for a “digital currency and blockchain product lead”. While Amazon may be taking cryptocurrency more seriously, no sign exists of creating its own cryptocurrency or tokens in the near future.
What is the value of Amazon crypto?
Amazon may launch their own cryptocurrency token. While this has yet to be confirmed by them, speculation based on a job posting that mentioned creating blockchain products led to such speculation.
Amazon crypto may depend on how broadly adopted by consumers. If Amazon can make purchasing and using Amazon crypto easier for consumers, this may have a positive effect on other cryptocurrencies’ values.
Amazon coins’ prices depend on the value of products and services available on its platform, with Amazon crypto gaining value if the company expands their presence in digital markets.
Is Amazon crypto a scam?
Amazon is an avid advocate of blockchain, but has never officially announced plans to issue its own cryptocurrency or tokens. Fraudsters have taken advantage of this by using Amazon’s name and brand to offer pre-sales of fake tokens with sites purporting to be secure and regulated; such scam sites often feature incorrect English as well as fake but legitimate-looking dashboards where users can manage their portfolio of supposed tokens; often providing bonuses or discounts in an attempt to lure victims.
Scammers are taking advantage of people’s interest in crypto and speculation that Amazon may enter the market by exploiting public curiosity about Amazon coin. According to Ahrefs data, searches for Amazon coin have increased more than two thousand percent every month on Google compared to last month; people trusting in Amazon are targeted as people desire early ICO opportunities with large returns; Avast estimates this type of fraud could net hackers more than $100,000 per victim.
Is Amazon crypto a good investment?
Avast security software recently issued a warning about an Amazon crypto coin scam that exploits users’ trust in the brand while tapping into initial coin offerings as an investment opportunity. A malicious advertisement directed potential victims to a website appearing similar to CNBC’s Crypto Decoded show but with a warning of “The Amazon Token Presale is Coming”, complete with images of Amazon CEO Jeff Bezos.
The website was well-constructed, with users required to register with, verify their email and complete a CAPTCHA test before being allowed to buy tokens. When clicking on ads related to Amazon Token presales, they were informed that these sales would only last 30 seconds before ending and becoming unavailable again.
Though Amazon may launch its own cryptocurrency in the future, these reports remain unverified and it appears unlikely it would change its policy now to start selling its own currency.