Walmart, America’s largest brick-and-mortar shop, is experimenting with cryptocurrency. The retailing behemoth has posted a job listing in which it hopes to find a cryptocurrency product lead.
Walmart’s decision is understandable given that big merchants and financial institutions throughout the world are aiming to offer crypto payment options. PayPal, the online payment behemoth, is already making a move into it and has seen significant development in its crypto goals over the previous year. The job description from Walmart is as follows:
As Digital Currency/ Cryptocurrency lead at Walmart you will be responsible for developing the Digital Currency strategy and product roadmap. As an expert in Digital Currencies/ Cryptocurrency and Blockchain related technologies, you will drive the vision for the product and capabilities roadmap. You will provide the leadership to identify technology and customer trends and the investments needed to build on those trends.
In addition, the individual in charge will be in charge of Walmart’s retail and digital currency strategy. Building crypto-related collaborations will also be an important element of the work.
Walmart is not the only company that sees a bright future for cryptocurrency. Last month, there were widespread reports that e-commerce behemoth Amazon might begin accepting cryptocurrency payments by the end of the year. However, Amazon stressed that it had no such plans in the works.
Walmart, like several other corporate entities, is not content to fall behind in crypto adoption. Rather, it has taken a comprehensive approach to capitalising on the FinTech revolution.
The company applied for a patent for price-stable crypto two years ago. This was somewhat reminiscent of Facebook’s Libra initiative. However, given the regulatory limits, Walmart did not pursue it aggressively.
Walmart, on the other hand, has been experimenting with how to make the best use of distributed ledger technology. It has been working on non-financial alternatives such as exchanging food and drugs across its whole supply chain.
Additionally, Walmart is working with its finance startup Hazel to create its own “Super App.” This firm will serve a broader ecosystem of financial services such as lending, bank accounts, digital payments, and so on.w