[eMarketer] Amazon and Twitter set eyes on cryptos

While announcing the quarter two earnings call, Twitter CEO Jack Dorsey confirmed that the social media platform will integrate Bitcoin into its services. Amazon on the other hand wants to let customers pay in cryptocurrency—taking approaches the companies hope will let them avoid the same pitfalls that have bedeviled Facebook’s project.

According to eMarketer, Facebook originally proposed its own digital currency in June 2019, a blockchain-based payment system for users to make purchases on its platform. But the project has been marred by delays and regulatory hurdles regarding data privacy, money laundering, and financial stability concerns. Despite reports the crypto would roll out by Q1, no launch date has been confirmed.

Big Tech clearly thinks cryptos can improve their global user reach thanks to blockchain's fast and cheap payments properties.

Twitter’s and Amazon’s announcements highlight crypto as an efficient additional payment option to power their global platforms. Blockchain can reduce the time for cross-border payments from days to 4–6 seconds on average while also reducing transaction costs.

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