BigONE View: Will Wal-Mart Enter the Cryptocurrency Field?

BigONE recently discovered that Wal-Mart, the world’s largest supermarket chain, has published a job posting to hire a person to oversee digital currency and encrypted currency products, raising concerns about the company’s cryptocurrency strategy. According to the job posting, the Wal-new Mart employee will be in charge of developing the company’s digital currency strategy and product roadmap. According to the company, it is looking for a cryptocurrency and blockchain expert who can “identify cryptocurrency-related investments and partnerships”. According to information obtained by BigONE, the advertisement was published only a few weeks after Amazon issued a similar job posting. Although Amazon later denied rumors that it was entering the cryptocurrency market, we can see that the global behemoths of the world are now paying attention to the cryptocurrency field.

Walmart and cryptocurrency

Consumers can already use cryptocurrency to pay at other retailers such as Overstock, Best Buy, and Starbucks via third-party apps. Although Wal-Mart does not currently accept cryptocurrency payments, it does use blockchain technology in another capacity. Bear in mind that blockchain is the technology that underpins the first cryptocurrency, Bitcoin, but it also has practical applications in other fields. Walmart announced a few years ago that it would collaborate with IBM to track its food supply chain using blockchain technology. The system can track the source of the food on sale, so that if there is a problem, it can quickly track the source and protect consumers more quickly. Walmart also applied for a patent in 2019 for its stablecoin, a cryptocurrency whose value is linked to traditional commodities such as the US dollar.

What does Walmart’s actions mean for cryptocurrency?

When Bitcoin was first introduced in 2009, it promised to provide a cheaper and faster alternative payment system than traditional methods. Since then, a slew of cryptocurrencies have emerged, some of which specialize in digital payments, while others aim to revolutionize everything from financial services to the supply chain.

However, convincing people to use cryptocurrency as a digital payment method has proven difficult. Even though the number of investors attracted by many cryptocurrency exchanges continues to break records year after year, many people still regard cryptocurrency as an investment rather than a currency. The extreme price fluctuations we see in cryptocurrencies are a major reason for this. Companies must pay suppliers, employees, and rent in traditional (fiat) currencies, and accepting volatile crypto payments can also jeopardize their cash flow.

Taking cryptocurrency seriously

The announcements from Walmart and Amazon show that major retailers are taking cryptocurrencies seriously, even if they have not yet accepted cryptocurrency payments. BigONE has always believed that exploration is the first step. Every step taken by these mainstream companies in the real world is a very positive promotion for cryptocurrency, which means that cryptocurrency is one step closer to being recognized by mainstream companies.

Indeed, the overall increase in cryptocurrency prices that we saw earlier this year occurred in the context of increased public acceptance. For example, it is widely assumed that Tesla’s investment and decision to accept Bitcoin payments contributed to its price increase. According to BigONE, the cryptocurrency industry is still in its early stages, and Walmart’s strategic plan for entering the cryptocurrency industry is clearly just starting. However, if Wal-Mart does decide to enter the cryptocurrency market, it is certain that it will promote the growth of the entire cryptocurrency industry.

About BigONE

BigONE is a global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. It was founded in 2017 and registered in the Netherlands. The group operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology research & development.