TL;DR Breakdown
- Walmart, in partnership with Coinstar and Coinme, introduces 200 bitcoin kiosks at U.S. stores.
- The largest retail store is trying to tap into the crypto space and adopt it into its system.
Walmart is happy about its imminent bitcoin ATMs, which are set to spread across the country. The firm says this will increase client choice and awareness of crypto. Also, they will give the means to buy bitcoins through an easy process. Walmart got spurred by recent partnerships with Coinstar and Coinme. These two firms helped them set up test runs on 200 different spots in America.
The Coinme machine will allow customers to buy bitcoin with cash. A criminal background check is a need for account creation. But once you have an account in place, all transactions are anonymous.
However, Bitcoin kiosks are a more expensive way to get bitcoin. They charge high fees for their services, with a 4% transaction fee and a 7% cash exchange rate.
Walmart quest for crypto adoption
Walmart is frequently looking into the potential of cryptocurrencies in their business. Recently, they posted job openings for crypto-related positions, including a product lead. The product lead would work with the emerging technology to integrate it with the system. Also, to offer a way of accepting direct payments using cryptos.
The company has been bustling. In 2019, they filed a blockchain-based drone application with the government. But, there hasn’t been anything since then that suggests it’s going forward or not.
The recent news of a supposed Walmart-sponsored cryptocurrency sparked some attention for Litecoin. But it appears as though the story was false. The retail company is now investigating who could have released such fictitious information. The fake release made the litecoin price surge shortly before it dived.
Bitcoin breaking into the mainstream
A vital move for bitcoin is its arrival at one of America’s most established retail chains. For many years, enthusiasts have spoken about its advances in terms of adoption. Yet, the past two years have seen significant progress in the financial sector. More and more institutions are accepting it as an investment option.
The influx of blockchain into the finance sector demands new banking policies. Furthermore, it also encourages established companies to change their strategies. It’s funny to see how the once skeptical financial industry has now noticed crypto.
Retail investors have been snapping up crypto investments in droves. Nigeria is topping the charts as one of Africa’s most enthusiastic adopters. Malaysia and Australia are also getting lots done when it comes to retail adoption. Other notable large-scale developments include AMC investing USD 100 million into the blockchain. And El Salvador launched an experimental government program on Bitcoin.
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