The Amazon.com Inc. (AMZN) stock rose 1.4% Wednesday after Amazon announced that it would begin issuing new digital currencies in 2018.
The announcement was made at the end of a conference call with analysts.
The news comes after the online retailer was forced to halt its online sales in early October after a ransomware attack hit.
A total of $450 million in digital currencies were withdrawn from its platform on Wednesday, a move that came as Amazon began to announce that it was reviving its physical store.
In a statement, Amazon said it had withdrawn $50 million of the $500 million in coins it has been selling.
The company said it will start accepting new coins in 2018, which it expects will be used for more purchases, and it said it would allow customers to purchase Amazon Coins through the app.
The company also said it was adding new digital coins in 2017 to support a new feature that will allow customers, who have never used a cryptocurrency before, to trade and buy coins.
Amazon will start rolling out its new digital currency coins on July 1, and the company said the coins will be available to purchase via its app, its website and its ecommerce platforms.
“This move will help make it easier for people to get in on the action and to participate in the digital economy, and to support our mission to make the world a more digital place,” Amazon Chief Executive Officer Jeff Bezos said in a statement.
While Amazon has been hesitant to start taking on the cryptocurrency market, its efforts to do so have been met with fierce opposition.
In September, a group of tech industry executives wrote a letter to Amazon urging the company to stop taking the currency as a payment option.
A bitcoin is a digital currency that can be purchased and exchanged online, but the digital currency is subject to significant volatility and has not yet been widely accepted by the public.
At the same time, Amazon has taken a lead role in the cryptocurrency space, with the company investing heavily in a new digital marketplace known as the Amazon Payments service that will offer a variety of financial services including credit and debit cards.