Now, when the price of Bitcoin is in the heights, the multinational corporation of retail businesses, Walmart, announced the installation of 200 Bitcoin ATMs in different locations of the chain, with plans for 8,000 crypto ATMs in the United States.
Walmart has partnered with currency exchange machine company Coinstar and crypto-cash exchange CoinMe to install Bitcoin ATMs in its stores.
200 to 8,000 Bitcoin ATMs at Walmart
The media highlights that, although the pilot includes only 200 points, the broader launch plans to eventually see the installation of 8,000 Bitcoin ATMs across the country, according to a Bloomberg review . But there have been no further details on the schedules as of yet.
The Walmart thing is nothing new, other retail businesses have installed Bitcoin ATMs . According to data from Coin ATM Radar , there are currently more than 25,000 Bitcoin ATMs in grocery stores and gas stations in the U.S. Of these, Coinstar operates 4,400 Bitcoin enabled kiosks in 33 states.
BitOoda’s chief strategy officer and head of research Sam Doctor told Bloomberg that while Bitcoin ATMs are not a new development and can already be found in many supermarkets: “However, Walmart is expanding Bitcoin’s access to more people and gives it more legitimacy among skeptics, should they implement it beyond an initial pilot.”
Cointelegraph explains that customers can use the Bitcoin ATM by inserting a bill and receiving a paper receipt with a redemption code. To redeem the code, customers must set up a Coinme account and complete a background check. Users cannot withdraw Bitcoin from their account, with no indication of plans to offer this functionality in the near future.
Now, the media emphasizes that Bitcoin ATM operations are more expensive: they have an 11% surcharge, made up of a 4% fee for the Bitcoin option, plus an additional 7% cash exchange fee. . They compare it to crypto trading platforms like Binance and Coinbase that charge 3% to 4.5% and 3.99% for debit and credit card purchases, respectively. It’s free to make a direct deposit from a bank account to a Binance or Coinbase wallet.
A long story
Walmart has had an interest in Bitcoin for some time now and has discussed integrating cryptocurrencies into its business model in the past. In August this year, it announced that it was seeking a crypto product leader to drive the company’s digital currency strategy. But long before that he has had various relationships with the Blockchain. For example, in 2019 it presented the request for the use of Blockchain for communication between drones. In 2019 he also filed a patent for his own stablecoin.
Beincrypto recalls that the news follows a fake Litecoin announcement in September that said Walmart would support payments in the cryptocurrency , and that it was the subject of media headlines. The retail chain is investigating the fake press release. In April there was also a strong rumor, unconfirmed by official spokesmen, that Walmart was investing in Bitcoin.