Speaking to CNBC on Thursday after delivering his first shareholder letter, Andy said the company was considering introducing cryptocurrencies as a payment option for its range of goods, although it was “probably not there yet.”
“We’re not probably close to adding crypto as a payment mechanism in our retail business but I do believe over time that you will see crypto become bigger and it’s possible,” Andy told “squawk box” host Andrew ross.
His comments come at a time when more retail giants and companies are accepting cryptocurrencies. Last year, Amazon hinted at entering the blockchain sector after advertising a position as “head of digital currency and blockchain.” The candidate would join the payment acceptance team and help steer the company toward crypto adoption.
Although the company has largely kept a low profile when it comes to cryptocurrencies, the ad, as well as Andy’s comments, are seen as an important indication of Amazon’s commitment to cryptocurrency innovation and suggest that there’s a good chance it could launch something big in the future.
Although Amazon does not yet accept payments in cryptocurrencies, customers can use third-party providers such as Paypal, Crypto.com, BlockCard, and Paybis to pay for their purchases.
Andy, 54, also expressed his satisfaction with Non Fungible Tokens (NFTs), stating that Amazon could start selling them in the future.
“I think NFTs have really started to take off,” Andy said noting that he expected that they “will continue to grow very significantly”. Asked if Amazon could start selling NFTs, he replied, “I think it’s possible down the road.”
With NFTs exploding in the past year, a ton of institutions and individuals have been entering the sector attracted by the many utility and profits it has to offer. Already, Amazon’s competitor eBay sells NFTs on its platform with other companies such as Sony, AMC, and McDonald’s taking giant leaps into the nascent sector.
Last year, NFTs generated about $17.6 billion in revenue, a figure that could get eclipsed this year, especially with the emergence and rapid growth of the metaverse. CEO Andy Jassy’s replaced Amazon founder Jeff Bezos in July 2021. He has stated that he does not own any NFTs or Bitcoin.