The prospect of an “Amazon Coin” by online retailer giant Amazon, has been received quite positively. Also, Starbucks has revealed plans to use the blockchain tech on its app, also indicating to the probable creation of its own currency for in app purchases.
In the Feb 27 survey by LendEDU, half of the 1000 respondents revealed inclination to use Amazon’s cryptocurrency in case they ever branch out into it. The survey also asked respondents if they would switch to the bank account created by Amazon as their primary account, 44.5% said yes. When asked if they would use an Amazon savings account, almost 50% responded with a ‘yes’.
The survey wasn’t however a cryptocurrency specific survey. It was one of the aspect among other expansion possibilities of Amazon beyond online retail.
The response to the general question of whether the participants trusted Amazon more than traditional banks to handle their finances, was quite interesting. A combined of 61% trust Amazon more or the same as traditional banks.
Meanwhile, Amazon has shown no signs of venturing into digital currencies. However, they have ventured into blockchain technology. In December, Amazon Web Services (AWS) sealed a deal with R3 which would allow it to use its blockchain backed Corda platform.
This week Howard Schultz, the executive chairman of Starbucks, said that blockchain would be the move forward for Starbucks. To quote him:
“I think Blockchain is probably the rails in which a integrated app at starbucks will be sitting on top on of.”
The interviewer with Fox News however pointed out that Schultz wasn’t a fan of bitcoin and this move may lead to Starbucks creating its own digital currency, to which he responded:
“This is not about Bitcoin, but I do believe that given the framework and the platform that we have on our digital mobile app that we could potentially be one of the first companies to have a proprietary digital currency integrated into our application.”
A Fundstrat report last week hinted at the possibility of Amazon and Starbucks venturing into blockchain and revealing their crypto strategies this year.