Amazon CEO Andy Jassy Optimistic About the Future of Crypto and NFTs

Written by C, Fiona

Last updated: 2022-04-18

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In an interview with CNBC following his first annual shareholder letter as CEO of Amazon, Andy Jassy expressed optimism about the future of cryptocurrencies and NFTs. Jassy said that Amazon would not be using cryptocurrencies as a payment method for its retail business in the near future, but was optimistic about the future of cryptocurrencies and NFTs in particular:

“We’re not probably close to adding crypto as a payment mechanism in our retail business, but I do believe over time that you’ll see crypto become bigger. I expect that NFTs will continue to grow very significantly.”

Especially the latter could become of interest to Amazon, as Jassy stated that “it’s possible down the road” Amazon would sell digital artwork verified on the blockchain.

Amazon Is Optimistic About Cryptocurrencies

The interview is particularly interesting because Amazon has thus far refrained from publicly taking a strong stance on cryptocurrencies. Former CEO Jeff Bezos is among the only influential entrepreneurs that has no famous crypto quotes that disclose his view on crypto.

Still, rumors of Amazon accepting crypto as a payment method or Amazon buying Bitcoin have gone around more than once. They were fueled by the retail giant hiring an “experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap” last year. The “Digital Currency and Blockchain Product Lead” was to develop the capabilities they saw fit for the company’s overall crypto vision.

Back then, an Amazon spokesperson commented:

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon. We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

However, unlike MercadoLibre, the “Amazon of Latin America,” Amazon never launched crypto payments and is not close to doing so following Jassy’s remarks. It will thus not join the likes of Uber and Airbnb, which both have expressed interest in adding crypto payment in the not-too-distant future.

Investors should still pay close attention to the company’s movements in the NFT market.