World's largest retail chain installs Bitcoin ATMs

The main driver of the growth in the value of Bitcoin over the past two years has been institutional interest: hedge funds,pension funds, insurance companies and banks -they all add cryptocurrencies to their portfolios to diversify risks and hedge against inflation. So, yesterday it became known about the acquisition of Bitcoin and Ethereum for $ 25 million by the Houston Firefighters Pension Fund (HFRRF). However, retail demand remains no less force, as more and more people learn about the new tool.

Image Source: Cryptocurrency ExchangeStormGain

One of the main obstacles to the adoption of Bitcoinfactors are its remoteness from the usual financial instruments - not everyone has cryptocurrency wallets or accounts on cryptocurrency exchanges. However, everyone is familiar with the device of ATMs. The emergence of crypto ATMs within walking distance can make cryptocurrency a truly massive instrument.

Walmart is the largest retail chain in the world with a capitalization of $ 409 billion, 2.2 million employees and 5 thousand stores.

Image source: companiesmarketcap.com

The company, as part of a pilot project, established200 crypto ATMs across the US in partnership with Coinstar and Coinme. To buy Bitcoin, you need to deposit cash and receive a voucher, which will become active after creating an account on the Coinme platform. Such difficulties are caused by the need to comply with AML and KYC policies aimed at combating fraud and money laundering.

Commission for currency exchange and buying Bitcoinis an impressive 11%. According to the agency Ascent, 20% of Americans surveyed want to buy cryptocurrency, but do not know how to do it. Crypto ATMs are designed for this category of people.

Now there are 30 thousand people in the world.crypto ATMs, 87% of which are in the United States. Some of them allow not only buying, but also selling cryptocurrencies with cash. On average, 37 crypto ATMs are installed in the world per day, and the best growth rates are demonstrated by El Salvador, which recognized Bitcoin as the official currency this year.

Image source: coinatmradar.com

The retail sector is more dependent oninfrastructure for mass adoption of the new instrument. Last fall, the explosive growth in demand for Bitcoin was provided by the PayPal payment system, which introduced the ability to purchase, store and settle in cryptocurrencies. Walmart could act as such a driver this year if it adds a crypto ATM to every store.

 

Analytical group StormGain

(platform for trading, exchanging and storing cryptocurrency)