Retail giant, Walmart, has partnered with Coinstar for a pilot program that will let customers buy Bitcoin at 200 brick-and-mortar stores across the United States. If the pilot turns out to be successful, Coinstar plans to install 8,000 BTC ATMs at various locations across the country.
Key takeaways:
- According to Bloomberg, the first stages of the pilot program commenced earlier this month. The full rollout is set to include 8,000 BTC ATMs in total.
- Coinstar, a coin-cashing machine firm, is partnering with CoinMe, one of the largest cash-to-crypto exchanges in the world, to provide the necessary know-how and infrastructure. CoinMe offers over 20,000 locations where users are able to exchange fiat for Bitcoin.
- The CSO and head of research at BitOoda, Sam Doctor, told Bloomberg: “Walmart expands Bitcoin access to more people, though, and gives it further legitimacy among skeptics, should they roll it out beyond an initial pilot.”
- There are more than 25,000 active Bitcoin ATMs in the US alone, according to Coin ATM Radar.
- The Bitcoin ATM service is notorious for its exuberant fees. In total, customers have to pay 11% for the service of buying BTC with cash; 4% for the BTC option and 7% for cash exchange.
- Walmart’s first public foray into the cryptocurrency industry came earlier in the year when the world’s biggest retailer announced it is searching for a “visionary leader” to fill the crypto product lead position.
