Amazon ‘Will Have to’ Create Its Own Crypto in Future, Binance CEO Says

Discussing the internet business sector more broadly, Changpeng Zhao — CEO of top crypto exchange Binance — said it was not so much a question of if, as of when Amazon will issue its own coin.Such rumors periodically appear in the press, including those that Amazon could integrate Bitcoin (BTC) as a payment method.Zhao made his statement the same week Twitter’s own CEO, Jack Dorsey, repeated his forecast that the internet itself will end up using a default currency, specifically Bitcoin.Speaking on the Joe Rogan Experience podcast released Feb. 2, Dorsey cautioned that although he could not be sure that Bitcoin would ultimately fulfil this role, the largest cryptocurrency appeared to be the clearest choice.“It was something that was born on the internet, was developed on the internet, was tested on the internet; it is of the internet,” he said.

Bitcoin’s Price Will Go Below $3,000, Anthony Pompliano Tells Mainstream Media

Bitcoin (BTC) still has “lower to go” despite its bull run to above $4,000 last week, Morgan Creek Digital Assets founder Anthony Pompliano told CNBC on Dec. 26. Speaking in an interview, Pompliano, who is also a frequent markets commentator on social media, became the latest figure to claim Bitcoin markets will only bottom out when the price drifts below $,3000. Since then, prices across the crypto markets have taken off, with Bitcoin hitting its monthly high of almost $4,300 before correcting downwards to circle $3,782 at press time. Some altcoins gained much more, with Bitcoin Cash (BCH) and Ethereum (ETH) more than doubling their respective USD values in days. Last week, veteran trader Tone Vays warned that a close below the 50-month moving average would take Bitcoin down to at least $1,300, the high point of its bull run in 2013. Asked whether Bitcoin’s price was “correlated” with traditional or FAANG (Facebook, Apple, Amazon, Netflix, and Google) stocks, Pompliano denied both assertions.

Amazon’s Quasi-blockchain solution is quite the impeccable beacon of hope

On Nov. 28, e-commerce giant Amazon announced two blockchain-related products: Amazon Quantum Ledger Database (QLDB) and Amazon Managed Blockchain. The company hence marked its further expansion into the field of blockchain technology, which started with blockchain-related patents and collaborations that Amazon has seemingly chose over working with cryptocurrencies, per se. As per Amazon’s website, QLDB is a ledger database designed to provide “transparent, immutable and cryptographically verifiable log of transactions,” which is overseen by “a central trusted authority.” “It makes no sense to compare things like transactions per second from a centralized service to a decentralized one. There are reasons why these things are decentralized and these are not merely technical ones.”

Amazon’s crypto products

 Amazon announced the debut of two new services, Amazon Quantum Ledger Database (QLDB) and Amazon Managed Blockchain, according to a press release. QLDB is a ledger database designed to provide transparent, immutable, and cryptographically verifiable log of transactions, which is overseen by a central trusted authority. All changes are purportedly recorded on chain, while the new product is also able to automatically scale and execute two to three times more transactions than already existing products. Amazon also announced AWS Managed Blockchain product, which can operate with QLDB, allowing users to adjust and manage a scalable blockchain network.

“Asian Amazon” and Bithumb is fusing to provide a payment service

An official announcement has recently made its way to the eyes of cryptocurrency enthusiasts stating that Bithumb, a South Korea’s leading virtual currency exchange have made a joint venture with e-commerce giant Qoo10 to provide a crypto payment service. This is a matter of significance for this Asian e-commerce for it is being compared to big shots like Amazon and has got a name “Asian Amazon”. The companies have initially signed a contract in August to work in a Bithumb cache project for the sake of transparency. Bithumb’s press release states that

“The partnership with Qoo10 has made it possible for us to use the Bithumb cache beyond our home country”

This shows us a glimpse of confidence and satisfaction the company has over this joint venture.