Crypto Magazine Africa
  • Home
  • News
  • Analysis
  • Bitcoin
  • Blockchain
  • Breaking News
  • Exchange
  • Gainers
  • Losers
  • Opinion
No Result
View All Result
Crypto Magazine Africa
  • Home
  • News
  • Analysis
  • Bitcoin
  • Blockchain
  • Breaking News
  • Exchange
  • Gainers
  • Losers
  • Opinion
No Result
View All Result
My CryptoMag
No Result
View All Result
Home Breaking News

Walmart seeks to patent for a stablecoin to launch its own cryptocurrency

Walmart files a new patent that indicates its plans to launch a new cryptocurrency

by Suvajit Banerjee
August 5, 2019
in Breaking News, Business, Crypto, News
Walpart applies for atablecoin patent- Walmart cryptocurrency

RelatedPosts

DafriBank Announces the Appointment of New Chief Executive Officer

Mark Zuckerberg struggles to defend Libra as US Congress members grill him for hours

JPMorgan CEO says that Libra is an “idea” that will “never happen”

Facebook unveils Libra Association, moves closer to cryptocurrency

A new patent filed by retail giant Walmart has indicated that it has plans to launch its own dollar-backed digital currency, in line with Facebook’s Libra. According to a filing published by the U.S. Patent and Trademark Office, Walmart applied for a patent about using a digital coin tied to a traditional fiat currency, which in other words is also termed as a stablecoin.

Walmart has stated that, “Using a digital currency, low-income households that find banking expensive, may have an alternative way to handle wealth at an institution that can supply the majority of their day-to-day financial and product needs.” Even though the patent application was filed, Walmart does not seem close to launching a cryptocurrency anytime soon. The move is being viewed by many as a step taken by Walmart to counter Amazon in the retail market.

Being the largest company in the world with a $500 billion annual revenue and employing over 2.2 million people, this is being considered as a significant move from Walmart. The company can use its own cryptocurrency to collect customer purchase history to improve inventory forecasts and predict consumer behaviour in order to increase revenue.  At the same time, the move can raise doubts about the sanctity of personal data in the hands of a multinational company. Walmart is already using blockchain technology for tracking produce along its supply chain.

Walmart also plans to develop a service ecosystem based on its cryptocurrency and foresees the creation of an “open-platform value exchange for purchases and for crowdsource work.”  The patent also indicates various other developments using the cryptocurrency including freelancer platform, emergency loans, merchandise futures and multi-tender integration. In addition, Walmart stated that “digital currency value could, in some embodiments, be tied to other digital currencies.”

A recent survey indicated that 23 percent of all grocery transactions are done through credit cards. This will allow Walmart to save an amount of $2.3 billion a year through its own digital currency, adding a significant amount to its annual figures.

As Walmart and Amazon are looked in a hard-fought battle over the retail market, a new cryptocurrency can shift the balance. After buying Jet.com Inc in 2016, Walmart also purchased Flipkart which was Amazon’s largest rival in e-commerce in India. Amazon on the other hand purchased Whole Foods Market in 2017 and opened “Amazon Go” convenience stores in 2018. Amazon has also won two blockchain-related patents last year which have provided it with an edge.

It seems to be certain that the near future will see Amazon and the other giant multinationals making their moves in the field of cryptocurrency.

Tags: WalmartWalmart Amazon battleWalmart cryptocurrencyWalmart files patentWalmart stablecoin
Previous Post

Apple’s new credit card will prohibit the purchase of cryptocurrency

Next Post

Facebook takes help from US Senator’s former aide to lobby for Libra

Related Posts

DafriBank Announces the Appointment of New Chief Executive Officer
Breaking News

DafriBank Announces the Appointment of New Chief Executive Officer

JOHANNESBURG - The Africa's pioneer digital Banking outlet DafriBank this week unveiled its new CEO. "We are pleased to announce...

by Khanyisile Nkosi, opinion contributor
September 1, 2020
Mark Zuckerberg tries to defend Libra in Congress
Crypto

Mark Zuckerberg struggles to defend Libra as US Congress members grill him for hours

The founder and CEO of Facebook Mark Zuckerberg, appeared before the US House of Representatives Financial Services Committee last Wednesday...

by Suvajit Banerjee
October 25, 2019
JPMorgan CEO Dimon comments on Libra
Crypto

JPMorgan CEO says that Libra is an “idea” that will “never happen”

Amidst the rising scepticism about Facebook’s Libra project JPMorgan Chase Chief Executive Jamie Dimon has commented that it is “a...

by Suvajit Banerjee
October 21, 2019
Facebook unveils Libra Association, moves closer to cryptocurrency
Facebook Libra

Facebook unveils Libra Association, moves closer to cryptocurrency

Facebook, the world’s largest social network, unveiled its Libra Association this week, which will serve as a launchpad for its...

by Issa Sikiti da Silva
October 16, 2019
European Union, banks dragging feet on cryptocurrencies
Crypto

European Union, banks dragging feet on cryptocurrencies

The European Union (EU) must embrace cryptocurrencies as failure to do so now could mean that it epically falls behind...

by Issa Sikiti da Silva
October 8, 2019
Digital currencies: is stablecoin heading for the safety of central banks?
Crypto

Digital currencies: is stablecoin heading for the safety of central banks?

Challenged and put under tremendous pressure by the arrival of digital currencies, the landscape of banking and money will not...

by Issa Sikiti da Silva
October 9, 2019
Next Post
Facebook Libra- a digital cryptocurrency

Facebook takes help from US Senator’s former aide to lobby for Libra

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Quick News

DafriBank Announces the Appointment of New Chief Executive Officer

DafriBank Announces the Appointment of New Chief Executive Officer

by Khanyisile Nkosi, opinion contributor
September 1, 2020
0

JOHANNESBURG - The Africa's pioneer digital Banking outlet DafriBank this week unveiled its new CEO. "We are pleased to announce...

Bitcoin’s new normal bottom is US$10 000: expert

Is Bitcoin moving towards $12 000 value?

by Issa Sikiti da Silva
October 29, 2019
0

Bitcoin is set to hit $12 000 before the end of the year if it remains above the $8 500...

Mark Zuckerberg tries to defend Libra in Congress

Mark Zuckerberg struggles to defend Libra as US Congress members grill him for hours

by Suvajit Banerjee
October 25, 2019
0

The founder and CEO of Facebook Mark Zuckerberg, appeared before the US House of Representatives Financial Services Committee last Wednesday...

JPMorgan CEO Dimon comments on Libra

JPMorgan CEO says that Libra is an “idea” that will “never happen”

by Suvajit Banerjee
October 21, 2019
0

Amidst the rising scepticism about Facebook’s Libra project JPMorgan Chase Chief Executive Jamie Dimon has commented that it is “a...

Most Popular

DafriBank Announces the Appointment of New Chief Executive Officer

DafriBank Announces the Appointment of New Chief Executive Officer

by Khanyisile Nkosi, opinion contributor
September 1, 2020
0

JOHANNESBURG - The Africa's pioneer digital Banking outlet DafriBank this week unveiled its new CEO. "We are pleased to announce...

Bitcoin’s new normal bottom is US$10 000: expert

Is Bitcoin moving towards $12 000 value?

by Issa Sikiti da Silva
October 29, 2019
0

Bitcoin is set to hit $12 000 before the end of the year if it remains above the $8 500...

Mark Zuckerberg tries to defend Libra in Congress

Mark Zuckerberg struggles to defend Libra as US Congress members grill him for hours

by Suvajit Banerjee
October 25, 2019
0

The founder and CEO of Facebook Mark Zuckerberg, appeared before the US House of Representatives Financial Services Committee last Wednesday...

JPMorgan CEO Dimon comments on Libra

JPMorgan CEO says that Libra is an “idea” that will “never happen”

by Suvajit Banerjee
October 21, 2019
0

Amidst the rising scepticism about Facebook’s Libra project JPMorgan Chase Chief Executive Jamie Dimon has commented that it is “a...

Sign upto our newsletter

About

  • Contact Us
  • Privacy Policy
  • About Us

Sister Brands

  • FX Magazine
  • MLM Magazine
  • Daily Afrika
  • PlusSize Africa
  • DJ Mag Africa

Affluent Series

  • Affluent
  • Affluent Africa
  • Affluent TV
  • Affluent Radio
  • Affluent Sport

Published by UMEH Media All right reserved.

mycryptomag-logo

The leader in crypto and blockchain news, lifestyle, and just about anything crypto. Crypto Magazine is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Crypto Mag is an independent operating subsidiary of UMEH Media Group

  • Home
  • News
  • Analysis
  • Bitcoin
  • Blockchain
  • Breaking News
  • Exchange
  • Gainers
  • Losers
  • Opinion