Walmart’s global chief technology officer has revealed the role of cryptocurrencies in the retail giant’s future. The CEO said: “Cryptocurrency will become an important part of how customers transact. “We want to make sure we make it easy for our customers to trade.”
Moderating Walmart’s Future Cryptocurrency Discussion
Walmart Global Chief Technology Officer and Chief Development Officer Suresh Kumar discussed cryptocurrencies at Yahoo Finance’s All Markets Summit on Tuesday.
In response to a question about the role of cryptocurrency in Walmart’s future, Kumar said: “I think there are three main areas of disruption. Cryptocurrencies fall in the middle of it. I’ve talked about how customers get inspired and discover products. That is changing.”
He continued: “Part of that will happen in the metaverse. Part of that will happen on live streams, inside your social media app. So whether it is physical goods or virtual goods, they [cryptocurrency] play an important role in the condition customers want. “Walmart CEO chose:
Cryptocurrencies will become an important part of how customers transact. We want to make sure we make it easy for our customers when it’s possible to trade, what to buy, and how they can derive value from it.
“And that’s where I think a lot of the disruption will start to happen for different payment methods, different payment options,” he added. “The role of cryptocurrencies will continue to play a very important role in that. And obviously, we want to be there, where the customer really needs us. “
“The last part of it is how the product is discovered, the product is distributed. A lot of disruption is going on there,” noted Kumar, further explaining:
When you talk specifically about cryptocurrencies, it’s going to be about discovering products, whether it’s physical or virtual inside, metaverse or upfront, and then how people transact.
Walmart filed several trademark applications last year covering crypto, metaverse, and non-fungible tokens (NFT) products and services. The retail giant joined the supermarket last month with the launch of Walmart Land and Universe of Play on Roblox.