Today, you might have woken up with the news that Walmart is considering cryptocurrencies. This news actually sparked questions about whether the superstore will now accept crypto as a form of payment. Let’s talk about this trending topic.
What did Walmart do to attract attention from millions of people?
Walmart just posted a job advertisement stating that it is looking for a “Digital Currency and Cryptocurrency Product Lead” who would be responsible for creating a digital currency strategy as well as a product roadmap for the company. Under the job role’s title, Walmart specifically stated that it is looking for someone expert in crypto who can identify investments and partnerships related to crypto. This ad followed what Amazon, the online retail giant, posted regarding its search for a crypto lead. Later on, Amazon denied the rumors.
Does Walmart accept crypto payments?
While Walmart might be looking for a crypto head, as of this writing, it doesn’t accept crypto payments yet. However, it can be gathered from the facts that Walmart has been using blockchain technology to track its food supply chain. A few years back, Walmart disclosed that it would be working together with IBM to push through with its plan to use blockchain technology for its supply chain. And then, Walmart registered for a patent for its stablecoins way back in 2019.
Changes if Walmart would accept crypto
Well, a lot of retail and institutional investors would be happy if Walmart would accept Bitcoin or other cryptocurrencies as a form of payment. Since many stores like Best Buy and Starbucks are already accepting crypto through other applications, it would be convenient for some to be able to buy their grocery and other household supplies with their crypto wallets.
Also, there could be a big change, especially in how companies view cryptocurrencies. If retail stores would slowly accept crypto, it’s only a matter of time before other small, medium, and big corporations follow. But then again, this is just an assumption. We’ll never know when it’s going to happen unless big names in the industry start making it happen.
What is Walmart?
Walmart is an American multinational retail company. It has a chain of supermarkets, department stores, and grocery stores all over the U.S. Most consumers in the U.S. go to Walmart to buy their groceries and other household stuff. It’s a big company in the industry of retail stores with total revenue of $559.2 Billion in 2021 alone.
Published: 08/18/2021