Bitcoin, Dogecoin, and Shiba Inu cryptocurrencies might soon have some new competition from an unlikely source: Walmart. That’s because the big-box retail giant may soon have a new product to offer its millions of loyal customers—its own cryptocurrency.
As CNBC reports, Walmart filed several new trademarks last month that heavily suggest the company has plans to get into the cryptocurrency game. On December 30, 2021, Walmart filed applications for several trademarks, two of which all but confirm the company is actively working on digital currencies and the metaverse.
Once application relates to “financial services, namely, providing a digital currency and a digital token of value for use by members on an online community via a global computer network” and another to “downloadable software for use in managing portfolios of digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digitized assets, digital tokens, crypto tokens, and utility tokens: downloadable software for electronic wallet services; downloadable e-wallets.” In addition to the filings related to launching its own cryptocurrency, other filings show Walmart is investigating creating its own NFTs.
Of course, this is not the first time the company has tried to move into the virtual space beyond online shopping. When MySpace was still one of the hottest things in tech, Walmart launched its own ill-fated social media network called The Hub. It lasted for 10 weeks before it was shut down.