After Amazon founder and long-time CEO Jeff Bezos announced his retirement from the board of directors on the evening of February 2, 2021, Andy Jassy will take this position in the future. Jassy is currently the head of the cloud service Amazon Web Service and is crypto-savvy.
The news that Jeff Bezos will be stepping down from the board later this year hit like a bomb. Bezos stands like no other for the boom in online retail. In 27 years, the American turned a small online bookseller into one of the most valuable companies in the world. Now Bezos is vacating the board position for his successor: Andy Jassy in the third quarter.
Jassy has been with the company since 1997. He is currently the head of the flourishing cloud service Amazon Web Service (AWS). The online service rents servers and storage capacities to other companies and generates massive profits. For example, Apple transfers around $ 30 million each month to use the Amazon cloud. According to Statista, AWS currently holds a third of the cloud market share. That’s more than Microsoft, Google and IBM put together.
Jassy is considered crypto-savvy
The change in leadership is also a trend-setting decision to focus more on crypto space. Under Jassy’s leadership, AWS recently introduced Amazon Managed Blockchain, a service for developers who want to build projects based on Hyperledger Fabric or Ethereum without having to provide their own hosting or hardware. Previously, the company launched a centralized blockchain-like project in 2018 – the Amazon Quantum Ledger Database (QLDB).
It is still uncertain whether Amazon, under Jassy’s leadership, will dare to venture into its own cryptocurrency, such as Facebook’s Diem.
Change in Amazon leadership is causing speculation
This possible circumstance and the change in leadership in general is currently being hotly debated within the crypto community. For example, Redditor u / HashMoose writes about the change in leadership at Amazon:
“I really hate companies like Apple, Google and Amazon, but if either of them decided to use crypto, the positive effect it would have on prices would be insane. Knowing Amazon, I’ll bet that they would build a competing cryptocurrency instead of supporting an existing blockchain.HashMoose on Reddit
Other users agree with this opinion. Some even believe that Amazon could introduce several of its own cryptocurrencies at once. Nevertheless, there is also the possibility that the tech giant – similar to MicroStrategy – could stock up on Bitcoin in order to benefit from the value-storing properties of the cryptocurrency. Some even see a domino effect that Amazon could trigger with a crypto adoption. Many retailers would be forced to follow the retail giant if it accepted crypto currencies as a means of payment.
How exactly Amazon will handle the topic of cryptocurrencies in the future is unclear. The company was only allowed to reveal more precise plans after the change in management in the third quarter.