Walmart is partnering with coin-cashing machine company Coinstar and crypto-cash exchange CoinMe. Notably, this partnership is leading to the installation of 200 Bitcoin ATMs in its stores across the U.S.
Furthermore, the pilot includes only 200 kiosks, while the broader launch plans to get installation of 8,000 bitcoin ATMs. This is all across Walmart, according to Bloomberg. However, There’s no further details on timelines yet.
Coin ATM Radar reports there are currently over 25,000 bitcoin ATMs. These are Situated at select grocery stores and service stations in the U.S. So, Coinstar operates 4,400 kiosks for Bitcoin purchases, across 33 states.
According to Chief strategy officer and head of research at BitOoda Sam Doctor explanations to Bloomberg. The Bitcoin ATMs are not a new development, and can already be found at many supermarkets,
“Walmart expands Bitcoin access to more people, though,…”
“and gives it further legitimacy among skeptics, should they roll it out beyond an initial pilot.”
More so, Customers can use the Bitcoin ATM by putting a banknote. Then, also receive a paper voucher with a redemption code. Which of course, To redeem the code, customers need to open up a Coinme account and complete every checks.
Consequently, Users cannot withdraw Bitcoin from their account and also there’s no plans to offer this later.
Currently, The Bitcoin ATMs have an 11% surcharge, that’s a 4% fee for the Bitcoin option then 7% cash exchange fee.
An influencer Lark Davis says
“WalMart selling Bitcoin now… cool!”
However, other users are making some complaints about the high fees.
“BTC ATM fees are notoriously high plus the ‘current’ BTC price…”
“is always way higher when buying and lower when selling,”
According to datcyberguy tweet in response to the news.
Furthermore, This is not the first sign of interest that Walmart is showing in the crypto world.
As at August, the retail giant announces looking for a crypto product lead that leads the company’s digital currency strategy.
So, in response to datcyberguy tweet,
“It’s a ripoff, but at least it’s a sign of adoption,…”
“— they think some people might want BTC enough to pay huge fees,”
Then, Reddit user Axatar, comments.
Lastly, Walmart China has also partners with blockchain supply chain management platform VeChain. This will help them to track products.
Photo credit – 10tv
