The past week was pretty major for both the cryptocurrency and blockchain sector. Why? Because two big-league companies (Amazon and Starbucks) hinted at incorporating either a virtual currency or blockchain technology into their corporate models.
Will Amazon (NASDAQ:AMZN) Create an Amazon Cryptocurrency?
On February 27, LendEDU conducted a study which asked 1000 Amazon customers if they would be open to using an Amazon virtual currency in case the Seattle, Washington-based company decided to branch out into creating what has been dubbed the “Amazon Coin.”
More than half of the respondents indicated that they would use an Amazon cryptocurrency. The survey also asked respondents to indicate how they feel about Amazon possibly expanding their business into other sectors, such as life insurance, mortgage lending, and more. However, the cryptocurrency question took the cake.
Starbucks (NASDAQ:SBUX) Caught the Blockchain Feels
Now we all know that Starbucks Executive Chairman Howard Shultz is interested in cryptocurrency, with one exception: he doesn’t like bitcoin. I suppose this is fair, considering bitcoin’s volatility. However, now we know that Shultz is seriously considering integrating blockchain technology into Starbuck’s business plan going forward.
During a Fox Business interview this week, Shultz stated that he sees blockchain technology as something that the Seattle, Washington-based company (is Seattle becoming a crypto and blockchain hub?) will use in the near-future. He then went on to drop hints about a potential blockchain mobile application. Cool, right?
It makes sense that these two major U.S. companies are thinking about moving into these industries. After all, they have taken the world by storm lately, and like we saw with the emergence of the Internet, no company wants to be left behind.
Even Tom Lee, a Fundstrat strategist, knew this sort of announcement was coming. Last week, Lee claimed that it is very likely that both Amazon and Starbucks will integrate blockchain technology. He also suggested the two companies will “announce a crypto-strategy” in 2018.
Both Amazon and Starbucks ended Friday’s trading session seeing green. This is a good indication that the markets are pleased with the news announced this week. Starbucks ended the day up 1.35%, while Amazon ended the session up 0.46%.
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Molly Jane is a Russian Literature major from California with a background in writing. She joins CurrencyTimes after working as a freelance journalist and blogger.