

Binance CEO claims that Amazon and other e-commerce giants will inevitably issue a cryptocurrency



Amazon sellers get affected by Ant Financial’s acquisition of WorldFirst, the payment system used by Amazon



Amidst the trade was between the US and China, private companies like Amazon gets affected due to the imposed trade restrictions



Binance CEO has a Solution To Payments-Related Problems Faced By Internet-Based Businesses?

Binance CEO, Changpeng Zhao, seems to have a solution for the payment troubles and limitations faced by E-commerce giants and the medium scale businesses looking to expand globally. The solution given by him is cryptocurrency adoption. He cited that cryptocurrencies are more efficient and have a secure global reach. He stated in a tweet that,



For any internet (non-physical) based business, I don't understand why anyone would not accept crypto for payments. It is easier, faster and cheaper to integration than traditional payment gateways. Less paperwork. And reaches more diverse demographic and geography.

— CZ Binance (@cz_binance) February 2, 2019



In the same thread, later on, he claimed that,



Amazon will have to issue a currency sooner or later.

— CZ Binance (@cz_binance) February 2, 2019



US-China Trade War Affects Amazon’s Payment System

The U.K. based payment system provider, WorldFirst issued e-mails to the seller on Amazon notifying an immediate shut-down of their US operations. The e-mail from WorldFirst failed to give a reason for the sudden decision. The company has set deadlines to end all their existing deals and close the accounts of the sellers. The operations would finally end sometime near 15th February. Amazon is looking to establish new deals will WorldFirst’s competitor Payoneer.

The contents of the e-mail sent to the sellers:



“We are writing to share some news that affects you as a US-based customer of WorldFirst,” the email said. “The WorldFirst shareholders have taken the decision to discontinue the US operations. As such, we will no longer be able to offer our products and services to you.”

Ant Financial was prohibited last year from acquiring MoneyGram for $1.2 billion due to the prohibitions of the Committee on Foreign Investment in the United States (CFIUS) under the Trump administration.

Ant CEO Eric Jing noted that they are expanding looking to expand their business beyond China and banks and will soon release an IPO. Ant Financial is the parent company of Alipay and affiliate of Alibaba. Alibaba has reportedly filed 89 blockchain related payments so far. The global acquisition and R&D development in the China-based company can also serve the ‘crypto-community’ better.

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