- Amazon has partnered with Qtum, a cryptocurrency to create a blockchain as a service platform
- Qtum has over $300 million in market capitalization and is the 29th largest cryptocurrency
Amazon Web Services’ China Division seems to be embracing Blockchain in a new partnership with Project Qtum.
This was confirmed in an email by Simon Wang, head of territory business development at AWS China, who said: “Qtum is now an AWS technology partner and one of the partner network members.”
Qtum has over $300 million in market capitalization and is the 29th largest cryptocurrency in the world. The partnership will see the Online Retail giant and QTum create blockchain-as-a-service (BaaS) solutions for commercial use.
According to the official statement, customers of the services will be able to launch smart contacts from the Amazon Machine Image.
Qtum partnering up
Qtum is based in Singapore and received over a million dollars in funding from Anthony Di Iorio, OKCoin CEO Star Xu, and BitFund founder Xiaolai Li.
Qtum’s AMI has been listed on AWS’ platform for several months now but is now expanding towards a direct partnership with AWS, through discussions regarding this have been held since April.
A partnership with Amazon is a huge deal for any firm, but one with Amazon Web Services comes with some unique advantages. According to information from AWS, Amazon Partners will receive business, technical, sales, and marketing resources to help expand their businesses and support their customers.
Qtum will be able to access customer feedback and also tell which of their products are most in demand.
“We are going to work together [with Amazon] to contact different customers and clients. We’re looking into use cases, and the best way to do it is to have a contact with companies who have those use cases,” Mike Palencia, Qtum’s chief information officer, said.
Excitement for the future
A formal partnership between an industry giant like Amazon and a Cryptocurrency is a huge deal, both for the furthering of cryptocurrency adoption and also the increased use of blockchain as a service.
For firms basing their backend on blockchain technology, the market will likely grow exponentially over the next few years, and Amazon seems determined to capture the market quickly.