Walmart launches new crypto pilot program, installs 200 Bitcoin ATMs in stores
As part of its effort to embrace the ongoing rave around cryptocurrencies, the American multinational retail giant Walmart has rolled out a pilot program that would allow customers to add digital assets to their shopping lists. Meanwhile, the firm has installed Bitcoin-dispensing machines at some of its locations.
According to Reuters, Walmart, in collaboration with digital currency exchange platform CoinMe and coin-cashing machine company Coinstar, deployed 200 kiosks inside Walmart stores across the United States that would allow customers to buy Bitcoin.
To access the machines, customers are required to insert bills and will in turn receive a voucher. The buyers would have to opt for a CoinMe wallet before undergoing a background check to retrieve the voucher for Bitcoin.
According to Coinstar, a 4% fee is charged by the machine for BTC purchases, along with a 7% cash exchange fee.
The launch follows an announcement from Walmart that stated that it was seeking a cryptocurrency product lead to spearhead the company’s digital currency strategy back in August. However, Walmart got caught up in a hoax barely a month later after fake rumors made waves on prominent media networks claiming that the company was partnering with popular peer-to-peer payments network Litecoin (LTC).
Bloomberg reported that Walmart’s pilot program is part of a larger scheme by Coinstar to install 8,000 BTC dispensing kiosks around the country.