Walmart is hiring for a cryptocurrency role

[ad_1]

The job posting, which was featured on LinkedIn, was immediately noticed in the retail industry. The role requires a leader capable of developing the digital currency strategy and product roadmap for Walmart, with expertise in cryptocurrency and blockchain technologies.

Amazon also recently made headlines after posting a job posting for a digital currency and blockchain product manager in late July. Amazon and Walmart’s posts are sparking speculation that mass retailers are looking to enter the world of digital currency. In fact, Amazon’s job posting had an immediate impact on the price of Bitcoin, one of the best-known digital currencies.

Retailers have been exploiting blockchain technology for some time. Earlier this year, a consortium of luxury brands, including LVMH Moet Hennessy Louis Vuitton, Prada and Richemont, teamed up to create a blockchain solution called Aura that authenticates luxury goods.

However, the volatility and unpredictability of the cryptocurrency markets have kept many retailers and businesses at bay. The sharp price swings have made cryptocurrencies less than attractive as a payment method for retailers, although that may change. Sheetz, a Pennsylvania-based convenience store chain, announced in June that it will soon accept Bitcoin as a payment method, with acceptance of other crypto coins to come in the future.

Overstock.com announced 7 years ago that it would take Bitcoin as a payment method, but the e-commerce retailer ended up losing millions of dollars over time and was forced to refocus later. Likewise, automaker Tesla recently reversed its decision to accept Bitcoin as a payment method, which lowered the coin’s price.

Walmart’s new role indicates that the retailer may seek opportunities in the space, although any hope of accepting Bitcoins as a form of payment or that of any other cryptocurrency is speculation at this point.

[ad_2]