Amazon Web Services (AWS) is looking for a tech-savvy specialist to conduct digital asset underwriting, transaction processing and custody in the cloud. This is according to a recent job posting via LinkedIn.
The infrastructure giant has decided to hire a financial services expert to work with global financial institutions and innovative fintechs. The company would like the new employee to “transform the way they transact digital assets, stablecoins, security-backed tokens, asset-backed tokens and NFTs.” focussing on price discovery, execution, settlement and custody.
Amazon’s move into cryptocurrency has been anticipated amongst experts for some time. It has always been expected that the firm will include some kind of payment token, perhaps a so-called Amazon coin. This is based on previous job postings that have alluded to such developments.
The decision to tailor its infrastructure to the likes of cryptocurrency transaction processing and custody will be seen as a smart move. Tech giant IBM is also making similar moves towards the cryptocurrency space.
The AWS job ad said, “Working hand in hand with our sales teams, solution architects, ISVs and systems integrators you will help deliver the solutions that move customers towards end-to-end digital asset underwriting, transaction processing, and custody in the cloud.”
Amazon’s support for crypto
Amazon has been experimenting with crypto for some time now. The blockchain descriptor page for AWS shows that the firm currently supports 25 per cent of all Ethereum workloads in the world. Ethereum ETH is the second-largest cryptocurrency by market capitalisation.
More than 2,400 decentralised apps are built on the Ethereum blockchain. One of the fastest-growing areas in the Ethereum network is decentralised finance (DeFi)- an alternative to traditional banking that uses smart contracts for transactions.
Many businesses are starting to take advantage of the benefits that DeFi has to offer, including lower transaction fees and access to global funds. By accepting cryptocurrency, Amazon could save millions each year in credit card processing fees and reduce exposure to credit card charge backs.
