Walmart has teamed up with coin-cashing company Coinstar and digital currency exchange CoinMe to install 200 Bitcoin ATMs in stores across the US.
To buy Bitcoin, customers must insert a banknote into the ATM before receiving a voucher with a code that can be redeemed through a CoinMe account, following a background check.
“Walmart expands Bitcoin access to more people, though, and gives it further legitimacy among sceptics, should they roll it out beyond an initial pilot,” he said.
There are concerns, however, regarding the potential for illegal activity through the ATMs in a point brought up by Seth Sattler, compliance director of BTM provider DigitalMint.
“Large retailers need to make sure they know the vendor they’re getting into bed with and what that organisation is doing to manage risk,” Sattler said in an interview.
Walmart link to football
Ann Walton Kroenke, an heiress to the Walmart fortune, is married to Arsenal owner Stan Kroenke who has made his own venture into cryptocurrency with the London club.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.