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Tuesday, July 16, 2024

American Company Walmart Begins Bitcoin ATM Pilot at 200 Stores

The American retail behemoth Walmart has begun a crypto pilot that involves installing bitcoin (BTC) using ATM machines at 200 of its outlets in the United States.

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American multinational retail corporation Walmart that operates a chain of hypermarkets (also called supercenters), discount department stores and grocery stores from the United States has begun  a crypto pilot that involves installing Bitcoin (BTC) using ATM machines at 200 of its outlets in the United States.

The pilot involves the firm Coinstar, which operates the machines and is rolling out 8,000 machine across the country, in partnership with the crypto exchange Coinme, as per Reuters and Bloomberg.

A Walmart spokesperson stated that the pilot had “begun earlier this month.”

However, as it’s usual for BTC ATMs, it’s a low-cost process. The ATMs fees are reportedly 4% fee for buying bitcoin, and a 7% cash exchange fee.

Bloomberg quoted Sam Doctor, the Chief Strategy Officer and Head of Research at the crypto brokerage BitOoda, as calling the move “an expensive way to buy bitcoin,” but agreeing that it “lowers the barriers to entry for first-time buyers of crypto.”

Sam Doctor, further added :

“Walmart expands bitcoin access to more people,and gives it further legitimacy among skeptics, should they roll it out beyond an initial pilot.”

Walmart have a deep interest in crypto and particularly blockchain technology: In 2019, nine of its blockchain-related patent applications were revealed in a single day, and the firm was among the first major American retailers to pilot blockchain-powered food traceability solutions.

And last month, Walmart denied reports that it had struck a deal with the operators of the Litecoin (LTC) token after a fake press release, whose authors are unknown, duped media giants such as CNBC and Reuters.

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