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- Suresh Kumar suggested that crypto will become an important payment tool
- BTC Price at the time of writing – $19,539.63
Suresh Kumar, the global chief technology officer of Walmart, has predicted that cryptocurrency will become a “major” area of disruption in the future, particularly in terms of how customers will pay for both virtual and physical goods.
Kumar talked about Walmart’s positive attitude toward digital assets on Oct. 17 at the Yahoo Finance All Markets Summit. He said that “crypto will become an important part of how customers transact” for both physical and virtual goods.
NFTs and crypto are not integrated with the Roblox metaverse
There are, in my opinion, three primary areas of disruption. He said that the way in which customers are getting inspired and discovering products is changing and that crypto falls in sort of the middle of it.
Kumar also said that the Metaverse and live streams on social media apps will be used to market to a lot of customers, and that crypto could be a good way to pay in these kinds of places.
When you specifically talk about crypto, it will be about how people transact and the discovery of products, whether they are physical or virtual inside, either in the Metaverse or upfront.
This may account for Walmart’s recent entry into the Roblox Metaverse when it launched Walmart Land toward the end of September. In addition to providing virtual merchandise called “verch” for users’ avatars, the company is hosting a variety of virtual experiences there, including games, a DJ booth, and a Ferris wheel.
At this point, the Roblox metaverse is not integrated with crypto or nonfungible tokens (NFTs). However, Walmart has previously stated in patent filings dating back to January that it may attempt to develop digital currencies, tokens, and NFTs in the Metaverse in the near future.
They want to ensure that customer’s ability to transact, purchase, and derive value from it is as free of friction as possible. He stated that is where he thinks a lot of the disruption will begin in terms of various payment methods and payment options.
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LTC Price at the time of writing – $51.66
The multinational retail conglomerate has been rumored to be working on supporting cryptocurrency payments for some time, but so far, only false alarms have been raised, such as the dubious press release from September of last year announcing a fictitious deal with Litecoin.
In October 2021, there were approximately 200 Bitcoin ATMs installed in Walmart stores across the United States. At the time, there were plans to increase that number to 8,000 at an undetermined future date.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
