It’s a dream for the proponents of cryptocurrencies to one day find stores accepting their virtual currency. And why not, a lot of experts believe that this is good for business. Today, there are rumors regarding Amazon partnering with Ripple.
Amazon-Bitcoin Partnership Debunked
This wasn’t the first time that Amazon has been mentioned along with major cryptocurrencies. When it was initially reported, Amazon is going to accept Bitcoin by October 2017.
However, these were all just rumors and were debunked after exposing Squawker Media of spreading fake news.
So what could possibly happen in case Amazon decides to integrate Ripple/XRP? One, this can make conversions to USD simple. This means that it could potentially make transactions a lot easier especially when it comes to paying factory owners from different parts of the globe.
This means that you don’t even have to open a bank account in another country in order to pay factories with their local currency. It is also possible to skip the arduous fees included in wiring money.
Next, as one of the world’s largest online retailers today, accepting cryptocurrency as means of payment can boost any virtual currency’s credibility. In addition to this, it is possible that adoption of other virtual currencies by different industries could soon become the norm once Amazon decides to accept Ripple as a mode of payment.
However, if you are a virtual currency investor, you should always remain skeptical towards these kinds of unverified news.
Amazon Web Service and R3
However, Amazon Web Service announced that it has partnered with R3 to allow the Corda Platform to become a distributed ledger technology solution on Amazon Web Service. Is this a sign that Amazon is slowly embracing blockchain technology and other technologies around it? Until now, it remains unclear whether or not Amazon is really interested in taking cryptocurrency payments. However, it shows that Amazon is open towards budding and disruptive technologies.