Walmart, the American retail juggernaut, has initiated a crypto trial program that will see Bitcoin ATM machines installed at 200 of its locations across the United States.
According to Bloomberg and Reuters, the trial is being conducted by the company Coinstar, which operates the machines and is rolling out 8,000 units around the country in collaboration with the cryptocurrency exchange Coinme.
A representative for the retail company disclosed the pilot had “begun earlier this month.”
As is the norm with Bitcoin ATMs, the process is relatively inexpensive. ATMs charge a 4% fee for purchasing bitcoin and a 7% fee for exchanging cash for BTC, reports said.
Walmart expanding bitcoin’s appeal
Sam Doctor, the chief strategy officer and director of Research at the cryptocurrency brokerage BitOoda, was quoted by Bloomberg as saying the move was “an expensive way to buy bitcoin,” but agreed that it “lowers the barriers to entry for first-time buyers of cryptocurrency by making it more accessible.”
Walmart broadens bitcoin’s appeal to a wider range of customers while also bolstering its credibility among skeptics, should the company decide to expand the program beyond its initial pilot, Doctor explained.
Walmart has had a long-standing interest in cryptocurrencies, specifically blockchain technology. In 2019, the company released nine of its blockchain-related patent applications in a single day, and Walmart became one of the first big American retailers to explore blockchain-powered food traceability solutions.
Walmart in search of crypto expert
As of August of this year, Walmart was looking to hire someone to serve as a Digital Currency and Cryptocurrency Product Lead.
Walmart also rejected rumors that it had reached an agreement with the operators of the litecoin (LTC) cryptocurrency last month, following a bogus news release, the writers of which are unknown, fooled media giants including Reuters and CNBC into believing it had done so.
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