From Square to PayPal, fintech companies in Silicon Valley are embracing Bitcoin like it’s the real future of money. But as economists say, Bitcoin is not a real currency until everyone uses it for groceries and household purchases on a daily basis. That day could come soon, as the nation’s largest retailers appear to be thinking about their own cryptocurrency efforts.
Walmart, the largest retailer in the United States, posted a job posting on its website on Sunday seeking a “digital currency and cryptocurrency product manager.”
Based at the company’s headquarters in Bentonville, Arkansas, this individual will be responsible for “developing the digital currency strategy and product roadmap” and “identifying the technology and customer trends and the investments needed to leverage these. trends ”, according to the job posting.
The ideal candidate should have more than 10 years of experience in product or program management and “possess significant functional knowledge of the cryptocurrency ecosystem and the players involved”.
This is the first high-level encryption station that Walmart offers. Three weeks earlier, the country’s second-largest retailer, Amazon, took a similar step, posting a job posting for a “cryptocurrency and blockchain manager” who can “take advantage of the domain expertise in blockchain, distributed ledger, central bank digital currencies and cryptocurrency… to drive global vision and product strategy, and gain leadership buy-in and investment for new capabilities.
In February, Amazon released a blockchain post for a digital currency project in its Mexican office.
An anonymous insider told the UK newspaper City AM in July, Amazon planned to accept Bitcoin as a payment method and was ready to launch a “full” cryptocurrency project. However, Amazon later denied such speculation. “Despite our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” an Amazon spokesperson said.
Walmart did not respond to Observer’s investigation into its crypto efforts.
Some retailers have experimented with cryptocurrencies in their own way. Most have not found a significant use for their core business.
In 2014, struggling ecommerce site Overstock became the first large generalist retailer to accept Bitcoin as a payment method. Four years later, the company launched a cryptocurrency trading platform called tZero and a digital token of the same name through its blockchain subsidiary, Medici Ventures. Since then, Overstock’s share price has been heavily influenced by fluctuations in the value of Bitcoin and other cryptocurrencies, rather than its retail activities.
Last November, Kroger partnered with the Lolli cryptocurrency exchange to reward buyers with Bitcoin on grocery orders.
Tesla, which sells electric vehicles, software and solar panels online, briefly accepted Bitcoin as a payment method earlier this year before CEO Elon Musk suspended the program for environmental reasons.