Cryptoverse: it's a 'no' from Amazon

STORY: This is Crypto Weekly, with your top stories on alternative currencies. This week, a decision by Mastercard could prove priceless, but it’s a big ‘no’ from Amazon.

Crypto lender Nexo has teamed up with Mastercard to launch what it says is the world’s first “crypto-backed” payment card. It’s just the latest example of crypto firms teaming up with traditional finance to take alternative money into the mainstream.

But it was a thumbs down for crypto from Amazon. Company chief Andy Jassy says the e-commerce giant won’t take e-money as a payment option any time soon, though it might start selling non-fungible tokens.

CryptoCompare research analyst David Moreno Darocas says alternative currencies are still worryingly volatile for firms like Amazon:

“If you allow cryptocurrencies to be used as payment, Amazon is going to have to bear a risk of that crypto moving in price, and obviously crypto being such a volatile industry, that’s going to be a problem.”

The NFT market isn’t working out too well for one investor. Entrepreneur Sina Estavi made waves in March last year when he paid $2.9 million for an NFT of Twitter boss Jack Dorsey’s first tweet. He’s now trying to re-sell it, but last week the bids stood at just a few thousand dollars.

And more than 40 crypto business leaders have asked the EU to go easy on moves to tame the sector. Rules proposed by the bloc would require firms to gather and hold data on who is involved in digital currency transfers. That’s opposed by big players like Coinbase.

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