Key Insights:
Walmart — the American multinational retail giant — stands tall among the multinationals that believe in cryptocurrency's potential.
Their stance on the cryptocurrency and blockchain ecosystem became more vocal when the retail giant appointed its first CTO in 2019.
Suresh Kumar, its Chief Technology Officer (CTO), has spent three years on the job and has created a robust path for it to become a significant player in the cryptocurrency and blockchain ecosystem.
On assuming office, Kumar expanded the team to about 20,000 workers globally. There are additional 5,000 tech workers and available tech hubs established in Atlanta and Toronto.
The latest development in the company was highlighted when Suresh Kumar spoke at the Yahoo Finance All Markets Summit.
In December 2021, the company filed for seven different trademarks. The retail giant sought these trademarks from the US Patent and Trademark Office, indicating interest in selling virtual goods.
Walmart expressed its interest in issuing virtual currencies to customers and an NFT space. At the same time, it expected to roll out its plans as soon as the US Patent and Trademark Office granted the trademarks request.
Albeit, nothing was heard of the plans until a few days ago when Kumar addressed the Yahoo finance all markets summit.
The highlight of Kumar's speech was when he said, " Crypto will become an important part of how customers transact."
Experts opined that Kumar's speech emphasized Walmart's stance on the potential of cryptocurrency. He envisioned how viable digital assets are in product discovery, transactions, and the future of financial services.
Similarly, he highlighted how crypto would cause a disruption in payment and open a new frontier for retail buyers, such as Walmart customers, who will massively shift to the use of cryptocurrency in making payments.
Furthermore, in their renewed effort to become stakeholders in the Blockchain, metaverse, and Web3 ecosystem, Walmart partnered with Roblox Metaverse in September to launch the Walmart Land.
Walmart is not the only multinational that has taken sides with cryptocurrency and its huge potential in financial service delivery. The Chief Technology Officer, however, renewed the retail giant's stance in his speech at the Yahoo Finance all-markets summit.
Kumar, therefore, believes that cryptocurrency will create disruption and be a leading payment game changer because there will be different payment options, and individuals will have many options to choose from.
Even though Kumar believes there would be three major areas of disruption, cryptocurrency will take center stage. It is almost inevitable.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.