Major U.S. grocer Kroger accepts Bitcoin Cash

Kroger, an American grocery chain, will accept cryptocurrency payments before the holidays.

According to an official announcement On November 5, major retailers will accept Bitcoin Cash (Bitcoin cash) In all its stores-Baker’s, City Market, Dillons, Fred Meyer, QFC, etc.-and online.

Kroger Chairman and CEO Rodney McMullen stated that the plan was stimulated by the increased demand for cashless payments:

“Cashless payments have been booming throughout the pandemic, and we believe that cryptocurrency is a natural development that reduces the trend of physical currency transactions.”

In 2018, Kroger severed its relationship with Visa, a major payment processor, on the grounds of high point-of-sale fees. After Kroger negotiated new terms, the retailer finally regained the relationship in 2019.

Kroger has been involved in the field of cryptocurrency before; in 2020, the company began to provide Bitcoin (BTechnical Committee) Reward in its store through the encryption-based reward platform Lolli.

According to the announcement, Kroger will “change the cryptocurrency into a stable currency when it is close to the receiving point, but does not rule out the possibility of eventually keeping part of it on its balance sheet.”

Bitcoin Cash is a cryptocurrency based on a proof-of-work consensus mechanism Created by hard fork From the Bitcoin blockchain. It was originally designed to solve many of Bitcoin’s long-standing problems, especially transaction speed. The hard fork is a controversial move, and many people claim that BCH is easier to concentrate among miners due to its larger block size.

Cryptocurrencies have gradually entered vertical grocery stores in various forms. In 2019, Safeway, another major U.S. grocery chain Start offering bitcoin rewards Through Lolli, similar to Kroger.

Earlier this summer, crypto ATM company Coin Cloud announced Prepare to install the machine Enter 29 HEB supermarket locations in Houston, Texas.

The underlying blockchain technology of cryptocurrency will also play an important role in the grocery industry. A 2019 study by research firm Gartner predicted that 20% of the world’s top 10 grocers Blockchain will be used by 2025.