As per different records over the web, it is now known that Amazon, the e-commerce giant, has registered 3 web domains which are related to cryptocurrency. This has resulted in speculations that the company may have plans to enter this market space. It may however be noted that currently no one is clear about the main purpose and use of the newly registered domain names by Amazon.
The three domain names that were registered on October 31 by the e-commerce company are ‘amazoncryptocurrency.com,’ ‘amazonethereum.com,’ and ‘amazoncryptocurrencies.com.’ The information provided on the registration documents, such as the phone numbers, etc., belong to the legal department of Amazon. However, no representative from the legal office has made any statements to the press about this registration, as yet.
The newly registered web domains are connected to a subsidiary company of Amazon.com, Inc., namely, Amazon Technologies, Inc. In the past, this subsidiary has mainly been involved with filings of patents by the parent company. The subsidiary company is headquartered in Sao Paulo, Brazil and specializes in logistics, computer, and software systems; conducting techno-economic and environmental viability studies; and procuring engineering works and projects.
DomainNameWire, the trade and industry news site, was the first publication to report on these new registrations by Amazon.
What are the intentions of Amazon?
When we first read the news about the new domain registrations, we are bound to think that Amazon is trying to break into the cryptocurrency market. This market has seen a huge growth in the past decade and has disrupted varied industries. It may however be noted that 3 years ago Amazon had purchased a similar web domain and then did nothing further with it. This domain, i.e., ‘amazonbitcoin.com’ just redirects to the main page of the Amazon web page.
It can thus be argued that the purchase of the new web domains is just a way to safeguard the brand name of the company. The intent of the new registrations may possibly just be protection of its brand!
It can also be said that the registrations may have been done so as to prevent confusion between the company’s virtual currency, Amazon Coin, and other cryptocurrencies in the market. Amazon Coin was launched by Amazon in 2013 and it can be used by customers to make online payments.