Walmart Installs 200 Bitcoin ATMs, Plans to Install 8,000 in Total

Walmart has partnered with coin exchange company Coinstar and cryptocurrency cash exchange CoinMe to install 200 bitcoin ATMs at its stores across the United States.

While the pilot program only includes 200 Bitcoin ATMs, the broader rollout is planned to eventually install 8,000 Bitcoin ATMs across the country, according to Bloomberg. There are no further details on the timing of the rollout yet.

According to Coin ATM Radar, there are currently more than 25,000 Bitcoin ATMs in select grocery stores and service stations in the United States. Coinstar operates 4,400 bitcoin buying kiosks in 33 states.

Sam Doctor, chief strategy officer and head of research at BitOoda, told Bloomberg that while Bitcoin ATMs are not a new development and can be found in many supermarkets:

“However, Walmart’s expanded use of bitcoin to more people would also give bitcoin further legitimacy among skeptics if they continue to roll out after the initial pilot.”

Customers can use a Bitcoin ATM by inserting banknotes and receive a paper voucher with a redemption code. To redeem the code, customers need to first set up a Coinme account and complete a background check. Users cannot withdraw bitcoins from their accounts, and there is no indication that this feature will be available in the near future.

Bitcoin ATMs have an 11% surcharge, including a 4% transaction fee, and an additional 7% cash exchange fee.

For comparison, popular cryptocurrency exchanges Binance and Coinbase charge 3%-4.5% and 3.99% for debit and credit card transactions, respectively. Users can deposit directly from their bank accounts to Binance or Coinbase wallets for free.

Some welcomed the news as a sign of mainstream adoption, with influencer Lark Davis saying: “Walmart is now selling bitcoin… cool!” Other users, however, complained about the high fees.

Responding to the news, datcyberguy tweeted: "Bitcoin ATM fees are notoriously high and the 'current' BTC price is always much higher when buying and much lower when selling."

Reddit user Axatar commented: “It’s a scam, but at least it’s a sign of adoption — they think some people might pay huge fees just because they want BTC.”

This is not the first time Walmart has shown interest in the crypto space. In August, the retail giant announced it was looking for a head of crypto products to drive the company's digital currency strategy. The job posting has since been removed from Walmart's website, but there is still an ad for the position on LinkedIn.

Walmart China is also partnering with blockchain-based supply chain management platform VeChain to track products.

However, news of Walmart operating a Bitcoin ATM also raised some doubts, and in September, Walmart issued a fake press release announcing a partnership with Litecoin (LTC). The scam sent the price of LTC skyrocketing by more than 20%.

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