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Walmart installs 200 Bitcoin ATMs Across It U.S. Stores: Report




walmart_stores

The American multinational retail corporation - Walmart has installed 200 Bitcoin ATMs in some of its U.S stores in a partnership between retail giant Coinstar and Coinme, according to a report from Reuters.

The pilot program involves Coinstar, best known for its machines that allow customers to exchange U.S. coins for paper bills or gift cards and digital currency exchange Coinme. The plan is to see over 8,000 Bitcoin ATMs rolled out as part of a broader initiative, of which 200 are in Walmart stores across the USA.

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In order to use the machines, customers must have a Coinme wallet and pass know-your-customer requirements. There is a 4% fee for exchange fee for fiat,  according to the Coinstar website.

Sam Doctor - Chief Strategy officer at the crypto brokerage BitOoda said installing bitcoin kiosks in supermarkets Is a growing trend in the States. However, he noted that Walmart is different from its rivals as its scope can reach a more considerable percentage of society:

"Wlamart expands Bitcon access to more people, though, and gives it further legitimacy among skeptics, should they roll it out beyond  an initial pilot."

Clients willing to employ the new service have to insert a banknote into the Coinstar machine and get a paper voucher. They must also set up a coinme account and complete a background check to redeem the code. There are some fees, though, as the ATMs charge 4% for the Bitcoin option, plus an additional 7% cash exchange fee.

While this is an expensive way to purchase the primary cryptocurrency, it "lowers the barriers to entry for first-time buyers," Doctor concluded.

Taking a closer look at the global number of crypto ATMs, Bitcoin ATMs were first deployed in the U.S. in 2014 and help people access the crypto market by allowing them to buy it directly with cash There are now close to 50,000 such machines in the U.S. alone, and 130 in Hong Kong as of late August, making it the highest concentration of Bitcoin ATMs in Asia.



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