Amazon Welcomes Former FCA Official as Ebay Plans on Adding Crypto Payments

News / 04.05.2021

E-commerce giant Amazon has moved to elect an ex-Financial Conduct Authority(FCA) official. This action follows Amazon’s job advert announcement, which seeks to venture into digital currencies. In essence, the advert included a Digital and Emerging Payments division that will enable users to swap their cash into cryptocurrencies. 

Two years before, Amazon secured at least six officials from the FCA, out of which four of them came on board a year later. The four regulatory specialists work for specific positions in Amazon, including a chief compliance officer for the payments division and a public policy manager for regulation. 

Today, the E-commerce company’s application store possesses a digital currency dubbed Amazon Coin, which is used as a payment tool to purchase games and apps.

eBay Hopes to Integrate Crypto Payments

Meanwhile, another multinational e-commerce company, popularly known as eBay, plans to introduce crypto payments to its customers. The corporate’s CEO, Jamie Lannon, added that eBay is growing interest in merging digital currency payments after examining the possibilities of allowing an NFT marketplace.

This implementation would enable users to buy or sell unique collectibles the same way they can access commodities on the eBay ecosystem. Although the e-commerce platform is actively trading NFTs, eBay looks forward to making it more straightforward by deploying smart contract advancements.

What Both Companies Can Expect

The duo e-commerce companies are set to navigate into a world of blockchain technology and digital assets. Allowing crypto payments will be the start of a quicker payment model taking place without the need for third-party intervention. 

What’s more, customers can anticipate an anonymous trading environment that secures everyone’s identity, a feature that shuns impersonation cases. The cost of transacting with cryptocurrencies will also be cheaper in the future as both entities decide to adopt the digital asset age. 

Ebay’s credit history also gives the ecosystem a better chance to host an expansive marketplace filled with NFT assets. Customers will acquire tangible and intangible forms of assets ranging from digital real estate to something like sports cards. An added advantage is that the adoption of crypto empowers a borderless payment mechanism that eradicates any bank procedures.

Founded by Jeff Bezos, Amazon initially began operating as an online marketplace for books and later broadened its scope to sell video games, electronics, furniture, software, and apparel. 

By 2015, the company’s market cap exceeded Walmart, another global e-commerce competitor. Today, Amazon’s net worth is estimated to be approximately $1 trillion, with a workforce surpassing 700,000.

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.