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October 24, 2021 by Parth Dubey
Walmart, a prominent name in the retail industry, has entered the crypto market and decided to host Bitcoin ATMs. The firm has now partnered with Coinme, a crypto ATM establisher, in order to work on this new venture.
Over 200 Coinstar kiosks have been set up, and now, Walmart is offering users to buy Bitcoin from its ATM (BTM) placed at different places. According to the report put forth by CoinDesk, the ATM machines are working as an editor from the firm bought a small quantity of BTC at Pennsylvania Walmart on Oct. 12.
Walmart allows people to buy BTC inside the store
According to CoinDesk’s report, any person can enter a WM store to buy BTC from the Bitcoin ATM placed inside the store. This is a very convenient way to buy BTC for those who are not looking to get into the technicalities of network selection or placing buying orders.
Walmart communications director Molly Blakeman replied to CoinDesk in an email,
“Coinstar, in partnership with Coinme, has launched a pilot that allows its customers to use cash to purchase bitcoin,” he said. “There are 200 Coinstar kiosks located inside Walmart stores across the United States that are part of this pilot.”
How it works
Coinstar is a widely known firm for providing gift cards in exchange for tokens, while Coinme specializes in BTMs. The system explained on the Coinstar website involves the user putting their cash in the BTM found in Walmart stores.
Thereafter, the customer will have to set up their Coinme account. In order for their voucher to pass, customers will have to complete the KYC or Know Your Customer process mandated by the government.
There is a catch here, though. The customer will have to pay 4% as a fee for the Bitcoin option, followed by a 7% fee for cash exchange. Followed by a rumor that LTC will be accepted at Walmart, the retail giant didn’t release a press release to announce its new venture, maintaining secrecy.