Walmart thinks about taking onto the crypto market

Monday 5 August 2019 10:50 CET | News

Retail corporation Walmart has patented plans for a stablecoin that’s backed by US dollars, while its description explains the coin could be used outside of Walmart’s retail scope.

Walmart’s patent follows Facebook’s recent Libra announcement and the ‘Walmart coin’ specifications are similar to the social media company’s project. However, the patent shows Walmart is thinking about the concept of introducing a cryptocurrency, but it hasn’t officially announced making a coin as Facebook did. If developed, Walmart’s coin could be tested at its 11,368 hypermarkets, department stores, and grocery clubs located in 27 countries.

The coin concept offers a number of features like ‘pre-approved biometric credit’ (eg fingerprint or eye pattern), and could store a user’s transaction history and give loyalty points. It also aims to help low-income families worldwide. Moreover, the Walmart coin could offer users interest applied to savings accounts, tied to the digital currency.

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Keywords: banks, Walmart, retail, cryptocurrency, digital assets, stablecoin, biometrics, cards, fingerprint transactions, loyalty points
Countries: World