Cryptocurrency has been dominating the news over the last couple of months, and it seems like everyone has been jumping onto the train. One of the new admirers of cryptocurrency turns out to be the retail giant, Amazon, who are said to have bought domain names which are related to the cryptocurrency industry.
According to reports from Domain Name Wire, the following web addresses, amazonethereum.com, amazoncrytpocurrency.com, and amazoncryptocurrencies.com were purchased by the Amazon legal department. This is in addition to the amazonbitcoin.com address that the company already owned. The previously owned domain was brought back in 2013 before interest was this high in cryptocurrency. However, the address now leads users to the main Amazon website. The newly acquired web addresses do not lead to anything yet, but Amazon is certainly planning something big.
One theory as to why Amazon might have bought the domain names is that they were trying to stop people from copyright infringement of the company’s trademark. If that was the intended aim, then they might have to work hard on that because right after their purchase, one guy named Byron Wiebe who owns amazonripple.com domain name immediately registered it. This website immediately leads to Ripple cryptocurrency page.
This seems to be the best possible guess as to why Amazon bought the domain names. From an interview, last month done by the Amazon Pay Vice President, Patrick Gauthier, mentioned that the retail giant was not planning on accepting virtual currency anytime soon because of a lack of demand for the cryptocurrencies. This is plausible because even the most known currency, the Bitcoin, has not started to do the rounds as a purchasing tool yet but just a speculative asset at this point.
But this also brings us to the other cryptocurrencies. Amazon also bought the ethereum related domain, and there must be something there. Ethereum, just like bitcoin is another well known virtual currency, although it has not appreciated as much as Bitcoin. Maybe Amazon is trying to mitigate a competitor, because as per Joseph Lubin, one of the co-founders of Ethereum, the tools which Ethereum uses could be used to build a decentralized competitor for Amazon.
Other ideas which have been floating around are that the retail giant, which is well known for their cloud services might be looking into mining Bitcoin. Mining Bitcoin is as known, a highly energy intensive activity, but with the big brains over at Amazon, they might have just found a way to solve that problem.
The real answer only lies with the Amazon team itself. Any idea you have there would just be spitballing, and that’s the best we can do for now. Attempts to ask the company as to why they bought the domain names have been futile up-to now.