Is Amazon getting ready to launch its own cryptocurrency? It just might be as the retail giant has recently purchased 3 domains, all with cryptocurrency related themes in their URL titles.
This is not the first time, however, that Amazon has dipped its toes into what looked like to be an entrance within the cryptocurrency world. For instance, Amazon purchased the domain – amazonbitcoin.com – in the past, yet no site was developed thereafter or any news heard from them as to their interest in cryptocurrency.
With its 3 new domain purchases, namely – amazonethereum.com, amazoncryptocurrency.com, and amazoncryptocurrencies.com – Amazon is showing signs of interest once again in establishing its own cryptocurrency brand.
Booming Interest Among Big Brands
Amazon is not the only company interested in the digital currency markets either. There is a host of name brands buying up digital currency-related domains as well yet to date none of them with as much interest as Amazon.
Many digital currency pundits believe that the current digital market boom is sparking these large companies’ interest into cryptocurrency and are expecting Amazon to make an aggressive move into digital currency by snatching up a large number of ethereum coins and maybe even making their own online digital currency market in the process.
While the new URL purchases seem to be an aggressive move towards cryptocurrency investment, it just might be that Amazon is purchasing them in order to protect its name.
Brand protection is not a new thing and a company as large as Amazon would certainly by a few cheap domains to keep its name from getting tarnished by unscrupulous people trying to profit off of it.
Still, the new purchases could be a double-fold move: brand protection plus a preemptive strategy to position itself for future cryptocurrency investing activities.
Cryptocurrencies’ Practicality Issues
While it would make sense that Amazon being an online retail store could be very interested in accepting bitcoin as a means of payment, digital currency in itself has yet to prove its practical application in the real world.
For instance, the largest digital currency, bitcoin, is not currently accepted as a mode of payment by many big brand businesses operating online, what to speak of brick-and-mortar stores.
This does not mean, however, that Amazon is not just making minor investments at the moment and holding out until cryptocurrency shows some real-life application. Certainly, it would be another avenue for them to, at the very least, offer another method of payment, thus increasing customer satisfaction and retaining loyal customers at the same time.
Along with its cryptocurrency URL purchases and other diversification strategies, Amazon’s share price continues to rise this year. With a 25% increase in stock value over the past year, Amazon’s protection plan and possible cryptocurrency investment give shareholders much to cheer about as the company can either protect its value, create higher profits in the future, or do both with this one fell swoop.
However, the recent URL purchases by Amazon have not made much of an impact on the digital marketing world, bitcoin in particular.
Even when Amazon made its purchase of its bitcoin domain, bitcoin share prices did not move much. Still, the move may give digital currency investors some confidence in the future of online currency and potentially drive cryptocurrency prices up even further.