Cryptocurrencies fall into one of the top areas of disruption in the payments industry and “will become an important part of how customers transact,” said Suresh Kumar, global chief technology officer at retail giant Walmart.
“Cryptocurrencies will continue to play a very important role in this. And obviously, we want to be where the customer really needs us to be,” Kumar said at Yahoo Finance’s All Markets Summit on Monday.
Kumar also suggested that some of this disruption will happen in the metaverse — “in live streams, within a social networking app.”
“So whether physical goods or virtual goods [as criptomoedas]they play a role in terms of what the customer wants,” said Kumar.
Walmart and the metaverse
Late last year, Walmart registered several new trademarks related to cryptocurrencies and the metaverse, a move by the largest US retailer to issue its own cryptocurrency and NFTs within a metaverse — an online network of worlds that combine elements of physical reality. , augmented and virtual.
Walmart’s foray into the crypto world took a step further in September, when the company announced the launch of “Walmart Land” and “Walmart Universe of Play” — two online worlds within the popular gaming platform Roblox.
While Roblox is a traditional Web2 gaming platform built around user-generated content, Walmart’s move could serve as a springboard for a deeper dive into the online worlds that could eventually lead the retailer to gaming in the metaverse and the Web3. , built around NFTs and other crypto technologies.
Another important point of this disruption, according to Kumar, “is how products are discovered” and delivered.
“When you talk specifically about crypto assets, you need to talk about the discovery of products, whether physical or virtual within the metaverse or elsewhere, and then how people transact those goods,” added the Walmart CTO.
Walmart has also been actively exploring the more specific possibilities of blockchain technology.
In March 2020, the retailer joined Hyperledger, the collaborative network of companies creating open-source blockchains and related tools, led by the Linux Foundation.
Walmart partners also include Moneygram, the money transfer company that once collaborated with Ripple before joining forces with Stellar to allow users to convert their physical money into digital dollars and vice versa.
*Translated by Gustavo Martins with permission from decrypt.
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