Binance CEO has a Solution To Amazon’s Payment Problems

By Abhinav Agarwal
Published February 3, 2019 Updated February 3, 2019
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Binance CEO has a Solution To Amazon’s Payment Problems

By Abhinav Agarwal
Published February 3, 2019 Updated February 3, 2019
  • 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,

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

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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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Abhinav Agarwal
140 Articles
A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com

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