Amazon Users Are Being Offered Amazon Tokens, but Are They Real?
Internet and e-commerce giant Amazon has confirmed the creation of a native token, but is it available yet? Is the token being offered to some users real?
Aug. 26 2021, Published 11:19 a.m. ET
Reports suggest that Internet and e-commerce giant Amazon is positioning itself to not only accept Bitcoin (BTC) as a form of payment but also create its very own token. In light of this news, some users are being offered the opportunity to purchase Amazon tokens (AMZ). Are the tokens real?
Amazon created a stir in Jul. 2021 with a job advertisement seeking candidates for its venture into cryptocurrencies. Although the team at Amazon has been involved in blockchain research since 2019, only just recently has the company announced its intentions in the emerging space.
Speculation and scams leave many wondering about the Amazon token (AMZ)—is it real?
Amazon has an estimated 310 million active users in the U.S., holding nearly half of the U.S. e-commerce market or 5 percent of all e-commerce sales. With millions of users flocking to the site, many are susceptible to attempts to retrieve their information or hack into their accounts.
In Reddit community "AmazonToken," users describe their experiences with the site leading them to purchase AMZ tokens. Unfortunately, many have attempted purchasing what they believed would be AMZ on their login page, only to receive no tokens in addition to losing their funds.
Whereas Amazon has moved forward with accepting BTC as payment and discussed releasing its own token, no further details have been released regarding the matter. Some users may have been led astray because Uniswap, a decentralized exchange, has an AMZ token listed but it's not available to trade.
When to expect the Amazon token to launch
Amazon has not commented recently on its potential token. However, the project seems to be well underway. As one insider commented, "this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work.”
It begins with BTC, then a native token
Inspired by innovation in the blockchain and cryptocurrency, Amazon hopes to further engage in the space. The company has been steadily getting its crypto ducks lined up in hopes to develop both its payment services and native token. As one insider commented, "After a year of experiencing cryptocurrency as a way of making payments for goods, it is looking increasingly possible that we’re heading towards tokenization.”
So, though we should disregard AMZ token sales as a scam for now, they may soon become authentic.