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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

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."

More Stories By Maureen O'Gara

Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025. Twitter: @MaureenOGara

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