Walmart’s Cryptocurrency On The Way

Walmart’s Cryptocurrency On The Way

America’s retail giant, Walmart, has just submitted a patent application with the US Patent and Trademark Office. The patent describes a cryptocurrency which many are comparing to a stablecoin, especially the one which is being developed in Project Libra.

Just like Facebook’s Project Libra, Walmart’s coin will be pegged to fiat currency or another traditional asset. As a result, it will not be a proper cryptocurrency, even though it will share several characteristics.

With the announcement of this news, the crypto community is eager to see what events will follow next. Many believe that the actions of the retail and the social media giants will encourage other organisations to create their own stablecoins, which could act as stepping stones from using fiat currency to pure cryptocurrencies.

Walmart’s stablecoin shares a common mission with Libra, in that the coin aims to support those without banking access to manage their finances digitally. Included in its application, the company wrote:

“Using a digital currency, low-income households that find banking expensive, may have an alternative way to handle wealth at an institution that can supply the majority of their day-to-day financial and product needs.”

Although Walmart’s approximately 300 million weekly shoppers are a fraction of Facebook’s 2.7 billion worldwide users, the retail giant still has a sizeable base which could spearhead the early adoption of its proposed stablecoin.

Walmart’s Potential Rewards

A key difference in Walmart’s plans is that coin owners would have the possibility of earning interest from funds in their account. With this promise of earning money from cryptocurrency, the retail giant might just succeed to stave off the competition. According to the patent filing, the company is also considered the introduction of a reward system based on blockchain, in order to enhance the traditional loyalty program.

The company is also looking to do away with card payment fees, proposing biometric verification over blockchain in order to approve payments using its coin.

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News

Cybercrime,Scam,Trezor

Trezor Warns Users About Fake Mobile App

Trezor is warning users of a malicious mobile application featured on Google Play which appears to be associated with the wallet provider. At least 1,000 users have already downloaded this software, and it is likely that some have unwittingly provided their seed phrase to unlock their funds. Both Trezor and SatoshiLabs have confirmed the existence […]

26 January, 2021
Bitcoin,eToro,Trading

eToro Temporarily Raises Minimum Deposit To $1,000

For the past few weeks, the increase in Bitcoin’s price has led to a massive interest in cryptocurrency trading. eToro has been overwhelmed by new registrations and has decided to temporarily raise the minimum deposit from $200 to $1,000. Although 2021 has barely gotten started, it promises to be an exciting time to invest in […]

11 January, 2021
Bitcoin,Investment,Trading

Global Cryptocurrency Market Value Surpasses $1 Trillion

Thursday has proven to be a monumental day for cryptocurrencies as the world’s combined value tops the $1 Trillion mark. Energised by a substantial rise in the value of Bitcoin in recent months, the volatile crypto market has reached a once-unreachable value. Following the latest Bitcoin Halving in May 2020, the world’s largest digital token […]

10 January, 2021
Sponsored

Victory over virus: SiGMA Virtual Expo hosts 100+ exhibitors

SiGMA Europe and AIBC Virtual Expos launch with record breaking attendance, providing a cure to the industry’s events sector In the light of this year’s changes in our everyday lives, SiGMA was close to having to stop doing what it does best; creating networks for people through the company’s iconic physical events, but luckily, the […]

26 November, 2020
Blockchain,Changelly,Cryptocurrency,Exchange Platforms

Changelly Adds Ardor, Ignis, and NXT to Changelly PRO

Changelly, the online cryptocurrency exchanges, has added three more tradable assets to their Changelly PRO platform. Changelly, the large online crypto exchange, has recently added an additional three cryptocurrencies to their Changelly PRO platform, Ardor, Ignis, and NXT. All three tokens developed by Jelurida will be tradable against BTC as ARDR/BTC, IGNIS/BTC, and NXT/BTC. Jelurida […]

6 November, 2020
Crypto Wallets,Exchange Platforms,Kraken,Ledger

Ledger Phishing Scam is Targeting Crypto Wallet Users

Ledger, the cryptocurrency wallet company, has been massively affected by a data breach and phishing scam. Ledger, the world renowned cryptocurrency hardware wallet producer, is facing a lot of problems with a data breach that is being used to target their customers. Kraken Intelligence, the intelligence arm of the Kraken cryptocurrency exchange, analyzes this data […]

5 November, 2020
Bitcoin,Blockchain,Cryptocurrency,Ethereum

Ethereum on Track to be First Blockchain To Process $1 Trillion In Yearly Transactions

Ethereum, the second largest cryptocurrency by market cap, is preparing to break the $1 trillion mark in yearly processing. Ethererum, the largest cryptocurrency behind Bitcoin, is on track to be the first blockchain to process over $1 trillion in transactions in a single year. Currently, the Ethereum network is processing more than double the amount […]

4 November, 2020
Binance,Blockchain,Cryptocurrency,Exchange Platforms

Binance is Giving Away $20,000 in Fifth Learn and Earn Series

Binance, the largest online cryptocurrency exchange, is hosting its fifth learn and earn series, this time with Orion Protocol. Binance, the worlds largest cryptocurrency exchange, will be hosting their 5th Learn and Earn campaign in collaboration with the Orion Protocol. In this campaign, Binance will be giving away $20,000 worth of ORN, the native cryptocurrency […]

3 November, 2020