Amazon launches its own virtual currency; one coin equals one cent

Amazon has announced that it has launched Amazon Coins, its own virtual currency that allows individuals to purchase apps, in-apps and games from the Amazon Appstore. At the present time, it’s only available in the United States for Kindle Fire owners.

Each Amazon Coin is worth one penny and its current promotion gives Kindle Fire owners 500 coins, which is equal to $5 as part of its launch. Also, the coins can be purchased in batches of 1,000, 2,500, 5,000 and 10,000. The more you acquire the larger the discount.

Furthermore, customers will receive a 10 percent discount on items purchased using these coins.

“Today we are giving Kindle Fire owners $5 worth of Coins to spend on new apps and games, or to purchase in-app items, such as recipes in iCookbook, song collections in SongPop or mighty falcon bundles in Angry Birds Star Wars. And with discounts of up to 10% when you buy Coins, this is a great way for customers to save money when they buy apps, games and in-app items,” said Mike George, Vice President of Apps and Games at Amazon, in a press release. “We will continue to add more ways to earn and spend Coins on a wider range of content and activities—today is Day One for Coins.”

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