Walmart may tap unbanked market with cryptocurrency plan

(Credit: Walmart ) Dive Brief: Walmart filed a patent application Thursday to create a digital currency that would make transactions cheaper and faster and potentially serve as an alternative to banking for unbanked customers. “Customers without traditional bank accounts can create a microbank at an institution such as a retailer, which gains interest while their money is there,” the patent application said. Walmart’s journey toward launch may differ from Facebook’s recently announced cryptocurrency, Libra […]

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The giant retail corporation Walmart has patented plans for a stablecoin that’s backed by U.S. dollars. If released into the wild, the USD-based cryptocurrency would be issued to select Walmart retailers and partners while the patent’s description explains the coin could be used outside of Walmart’s retail scope as well. Walmart’s patent follows Facebook’s recent Libra announcement and the ‘Walmart coin’ specifications are similar to the social media giant’s project as well. Big-name corporations have been announcing the creation of their very own cryptocurrencies and the news has been a hot subject within the crypto community. It all started on June 18 when Facebook announced the launch of Libra, a stablecoin that will be available in Messenger, Whatsapp and as a standalone app, with the company expecting to launch the product in 2020. However, Facebook’s project riled up politicians and immediately got regulatory pushback from worldwide leaders and threats from U.S. congressional members. Now Walmart is stepping into the ring to test its own blockchain technology as the company has filed a new digital currency patent that describes a stablecoin backed by USD. Walmart’s coin, if developed, could be easily be tested at its 11,368 hypermarkets, department stores and grocery clubs located in 27 countries. #CryptoMavericks #Cryptocurrency #blockchain #tech #crypto #altcoin #stablecoin #walmart #cryptonews

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