The Walmart retail, a major US corporation, is arranging processes for a cryptocurrency and already on the starting point. On August 1, the company filed a patent for the system and method of digital coins via Blockchain.
Meanwhile, Facebook is at work with its partners on enhancing the cryptocurrency Libra.
News report this week indicated the support of the USD for Walmart has resulted into winning a patent for a stable digital coin.
The method comprises of producing digital coins. These are the ones fixed with a regular currency, which is likely to be a stable coin, according to the patent application.
Furthermore, according to the patent application, the digital coins will be on Blockchain. Payment and shopping with the coin will be possible.
Facebook’s Libra and Walmart’s coin look the same on most aspects. Both created for low-income families.
Moreover, those who do not have easy access to banks may also use the Walmart coins.
In addition, the patent application is offering a purchase history of the customer with documentations.
The customer’s credit balance should be possible for a recorded track, which is useful for consumption.
Walmart Coin to Be Accessible for Non-Bank Account Users
A Coinbase article points out that Walmart Coin may perhaps offer it to customers who do not have a bank account.
Walmart stated, “With the digital currency, low-income households that find banks too expensive could find an alternative at an institution that can cover most of their daily needs.”
Walmart could become a one-stop shop which contains not only the complete purchase but also the financial status of the customers.
Facebook is also arranging an offer with Libra for an alternative to people without bank accounts. The two companies will have the same situation and will result in being competitors.
The two coins have significant variation. In the USA, Walmart’s will be grounding fixed with the US dollar.
On the flipside, Libra will be grounding in Switzerland. Assets that have low volatility, very much alike to other major stable currencies around the world, will be fixed with the coin.