As the battle of who will dominate the retail space intensifies, Walmart, the world’s largest company by revenue and employees, has reportedly filed a patent for an in-house cryptocurrency.
This move by Walmart has been identified as a way to gain an advantage over its closest rival Amazon. Importantly, this move is coming right after Facebook announced the launch of its own cryptocurrency-Libra.
Walmart and Cryptocurrency
Reportedly, on the last day of July 2019, the retail giant applied for a patent for a “digital currency,” tied to fiat. This will be of course powered using DLT. Just like with Facebook Libra, this will be a stablecoin.
Reportedly, the Walmart stablecoin will make it possible for customers to save on their purchases as well as make available a better way for the lower-income customer base to gain access to financial services. These accounts would be “fee-free” or “fee-minimal,” and could even earn interest, claims Walmart.
“Using a digital currency, low-income households that find banking…