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Amazon Mints Its Own Coins
One Amazon Coin is worth a penny and Amazon means to shower shoppers with tens of millions of dollars in free Amazon Coins
By: Maureen O'Gara
Feb. 7, 2013 10:00 AM
Amazon is going to use a virtual currency it calls Amazon Coins to stimulate the development and sale of games, applications and in-app virtual goods for its Kindle Fire tablet.
One Amazon Coin is worth a penny and Amazon means to shower shoppers with tens of millions of dollars in free Amazon Coins in May. Consumers can also buy their own Amazon Coins.
The scheme will only be available in the US at the Amazon Appstore and can't be used to pay for subscription services.
Developers will still get their regular 70% cut.
Developers have to submit any new apps and have them approved by April 25 to qualify for the gimmick.
"Developers continue to report higher conversion rates on Amazon compared to other platforms," Paul Ryder, Amazon's VP of apps and games, said in a statement. "Now we have another new way to help developers reach even more of our millions of customers."
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