RETAIL GIANTS WALMART & AMAZON STEPPING INTO CRYPTO - WHAT DOES THIS MEAN FOR YOU?!
America’s two largest and most popular retailers, Walmart and Amazon, are both seeking cryptocurrency leads. America’s largest retailer Walmart has posted vacancies for cryptocurrency-related roles, indicating its interest in adopting digital currencies. While Amazon, the second-largest retailer in America, has posted a job listing for a Digital Currency and Blockchain Product Lead a few weeks ago.
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Today we are talking about the entry of the largest retailers in America, namely, Walmart and Amazon into the crypto world and what that means for the future of the crypto market.
Starting with Walmart, The retail giant is looking to hire someone visionary and innovative to lead its cryptocurrency initiatives. Part of the job posting read:
‘We are seeking a visionary leader who has a history of leading and scaling businesses. You will have a proven track record of building innovative solutions to customer problems by leveraging new technologies and consumer insights.’
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Walmart is hiring a cryptocurrency expert to potentially expand its virtual payment options as a growing number of Fortune 500 companies warm up to digital currencies.
The position will be based in Walmart’s Bentonville, Arkansas headquarters and responsible for developing the retailer’s “digital currency strategy and product roadmap” as well as identifying “crypto-related investment and partnerships,” according to the job posting on Walmart’s website.
Walmart does not currently accept Bitcoin payments, and it is still unclear if the company plans to launch its own digital currency.
Walmart is looking for a “visionary leader” with at least 10 years of product management or technology experience to develop its blockchain strategy, preferably someone possessing “significant functional knowledge of the cryptocurrency ecosystem” and an “entrepreneurial mindset,” according to the job posting, which Bloomberg reported.
It’s the first senior-level crypto position Walmart has put out. With one step ahead from Walmart, crypto users take another toward the company as they band on Twitter and promote Dogecoin’s use at Walmart. The Doge community in an attempt to have Dogecoin accepted as a payment method at the big-box retailer has been persistent and opportunistic. Doge investors have also been targeting Tesla ever since Elon Musk caught the meme-coin fever.
Three weeks earlier, the nation’s second-largest retailer, Amazon, made a similar move, posting a job ad for a “cryptocurrency and blockchain lead” who can “leverage domain expertise in blockchain, distributed ledger, central bank digital currencies, and cryptocurrency…to drive the overall vision and product strategy, and gain leadership buy-in and investment for new capabilities.”. In February, Amazon posted a blockchain position for a digital currency project in its Mexico office.
An anonymous insider told the British newspaper City A.M. in July that Amazon was planning to accept Bitcoin as a payment method and was ready to launch a “full-on” cryptocurrency project. However, Amazon later denied such speculation. “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” an Amazon spokesperson said.
Amazon presently has more than 70 openings for blockchain specialists, so the company could also be building out a blockchain supply business for customers of its Amazon Web Services.
Amazon, in a statement, said "We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon. We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”
Amazon has long had an interest in digital currencies. In 2013, the company launched “Amazon Coins,” a virtual currency that was used to let customers make transactions in Kindle-based applications and games. (Bitcoin, at the time, was worth about $120.)
Amazon Coins are still sold today and have maintained their value of roughly one cent each.
In 2017, the company bought three cryptocurrency web addresses but didn’t discuss why.
Amazon, at present, does not accept cryptocurrency payments. Some popular apps, such as BitPay, allow people to exchange their Bitcoin, Ethereum, Dogecoin, and more for Amazon gift cards.
Fortune 500 companies such as JPMorgan Chase, Apple, and PayPal, are all hiring cryptocurrency positions. From Square to PayPal, Silicon Valley’s fintech companies are embracing Bitcoin as if it’s the real future of money. But as economists say, Bitcoin is not a real currency until everybody uses it day to day for grocery and household shopping. That day could come soon, as the nation’s largest retailers seem to be mulling their own cryptocurrency efforts.
Adding to the list, AMC has also announced that by the end of the year it will allow customers to pay for their tickets and popcorn using bitcoin.
AMC’s chief executive Adam Aron confirmed that the biggest theater chain in the United States is wading into the cryptocurrency quagmire, making it the first major theater company to take the plunge. The move is less surprising considering the financial windfall AMC has enjoyed thanks to its explosive, Reddit-powered stock rally this year.
At the beginning of 2021, AMC’s shares traded for around $2. Its stock is now trading above $34, up nearly 1,500 percent year to date, according to MarketWatch. Much of that eye-popping gain has been fueled by the “meme stock” frenzy that lifted Game stock to similarly confounding heights.
As investments in cryptocurrency surge, so has the number of jobs in the crypto market: according to a new report from Indeed Hiring Lab, postings for cryptocurrency jobs on Indeed have jumped 118% compared to last year. Hiring has expanded beyond engineering and product development roles, the report shows, into support functions like accounting and human resources as well. Adding to the large list of crypto acceptors, Apple pay has also started accepting payments in the form of cryptocurrencies via channels such as coin base. Coinbase will now allow its customers to use Apple Pay to purchase cryptocurrencies on its platform.
The leading U.S. cryptocurrency exchange announced on Thursday that customers would be able to link their debit cards to the mobile payment and digital wallet service. They said in a blog post:
Today, we’re introducing new and seamless ways to enable crypto buys with linked debit cards to Apple Pay and Google Pay, and instant cashouts up to $100,000 per transaction available round the clock. If you already have a Visa or Mastercard debit card linked in your Apple Wallet, Apple Pay will automatically appear as a payment method when you’re buying crypto with Coinbase on an Apple Pay-supported iOS device or Safari web browser.
The support for Google Pay is expected to become functional “later this fall.” In the same post, the crypto exchange platform announced: “instant cashouts via Real-Time Payments (RTP), enabling customers in the U.S. with linked bank accounts to instantly and securely cash out up to $100,000 per transaction.” Coinbase is not a first in this regard. Back in April, Gemini enabled Apple Pay and Google Pay cash transfer options on its exchange.
This is a steady and stable push toward crypto. Now with both retail leaders of the United States dipping their toes into crypto, the future does not seem so far away. This slow and steady adaptation to crypto is exactly what it needed to satiate the critics, netizens, and economics professors. With the crypto market capping once more at two trillion United States dollars, for the second time in a row after its first time on 6 April this year; it is hard to look away from any longer.
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