According to Suresh Kumar, digital assets will be used more often on social networks and metaverses to pay for services and goods

Walmart CTO calls cryptocurrencies the future of retail transactions

18.10.2022 - 13:15

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What’s new? Suresh Kumar, chief technology officer of the largest US retail chain Walmart, said that cryptocurrencies will become an important part of online and offline retail transactions. In an interview with Yahoo.Finance, Kumar noted that digital assets will be used more often on social networks and metaverses to pay for goods and services. He also added that blockchain and cryptocurrencies can be used not only as a payment tool but also, for example, as a way to track the delivery of goods.

Material by Yahoo.Finance

What happened before? The Walmart chain is gradually integrating blockchain technology into its business. In October 2021, for example, the company installed crypto ATMs in several stores to buy bitcoin for cash. In September, the company launched games in the Roblox metaverse. Walmart Land features a virtual store, interactive virtual objects, and competitions. In Walmart’s Universe of Play, members of the Roblox community can participate in games and complete tasks to earn coins to buy virtual goods.

Earlier, ex-Morgan Stanley CEO called the advantages of cryptocurrencies over traditional finance. John Mack noted that users of digital assets do not need to deposit funds with financial institutions in advance in order to conduct transactions.

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