Walmart will reportedly allow its clients to buy bitcoin using ATMs located in some of its US stores. The initiative became possible after a partnership with Coinstar and Coinme.
A New Beginning
Last month, Walmart’s name was mixed up in a news story where the company had collaborated with Litecoin (LTC) to allow payments with cryptocurrency. While the rumors triggered massive excitement within the digital asset industry, the words were false, causing the market (especially Litecoin) to head straight south.
Now, though, a more believable report from Bloomberg states that Walmart has teamed up with Coinstar, known for its machines that exchange coins for cash. Consequently, Coinstar has installed 200 bitcoin ATMs in Walmart stores throughout the US. The bigger plan is to position 8,000 soon.
Sam Doctor, Chief Strategy Officer at the crypto brokerage BitOoda, claimed that bitcoin stands in grocery stores are a mounting trend in the US. Nevertheless, he said that Walmart is different from its competition as its reach to customers spans much further:
“Walmart expands Bitcoin access to more people, though, and gives it further legitimacy among skeptics, should they roll it out beyond an initial pilot.”
Clients put a banknote into Coinstar’s ATM to receive a paper voucher. In addition, they must create a Coinme account and complete a background check to acquire the code. Some fees are imposed as the ATMs bill 4% for the Bitcoin option and an added 7% cash exchange fee.
While this is an expensive means to purchase the Bitcoin, Doctor says it “lowers the barriers to entry for first-time buyers.”
ATMs Offer More Than Just Bitcoin
While Bitcoin is the leading digital asset, other crypto assets are available via the Coinstar ATMs.
Previously this year, CoinFlip settled to list Dogecoin (DOGE) on 1,800 crypto ATMs in 46 States. Daniel Polotsky, CEO of the company, stated that the move would allow easy access to the meme coin.
The US is the undisputed leader of the number of crypto ATMs in the world. According to recent data, the US has 17,436 ATMs or one for every 19,023 American citizens. Canada has only 1,400 ATMs putting them at a distant second place.
Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.