Modulus CEO: Walmart’s Latest Hire Shows Continued Interest in Blockchain & Fintech

  • Blockchain
  • 20.08.2021 06:30 pm

This week, outlets reported on Walmart’s new job posting for a digital currency and cryptocurrency product lead, however the link to the job has since been retired. According to reports, the company aimed to bring in somebody who would be charged with identifying technology and customer trends, advising on investments needed to capitalize on those trends, and driving digital currency strategy.

“That job description sounds an awful lot like the company is preparing to upgrade its technology stack ahead of a massive shift to CBDCs,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.

“This trend is in line with what we’re seeing from other companies, including Amazon and MasterCard. But, it is also uniquely in line with what we’re seeing from Samsung, which is now partnering on the trial phases of South Korea’s CBDC development, where there’s an intent to test the Galaxy suite of smartphones for compatibility with blockchain technologies. Obviously, there are some differences. Samsung is a provider of consumer technology while Walmart is a retailer, but, in either case, it is an industry leader that wants to ensure they are technologically compatible with the changes coming. Every major retailer and bank should be in the process of analyzing their technological capabilities and ensuring that they will be able to handle a transition to digital currencies,” opined Gardner.

“Walmart has long been interested in consumer finance. This year, they committed to investigating the fintech space with their launch of Hazel. And they’ve been experimenting with blockchain technologies, including use cases in supply chain management. There are so many different applications to blockchain technology, it’s smart to be invested here. No matter what industry you’re operating within, blockchain technologies will radically change the way the world works. From agriculture to pharmaceuticals to retail to finance, there’s change in the air,” said Gardner.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Over the past twenty years, the company has built technology for the world’s most notable exchanges, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

“We’re seeing this race unfold, countries competing to develop and launch a CBDC. Obviously, China is in the lead, among major powers. But, there’s going to be a race amongst retailers and banks, as well. The first step is to get your technology in order. Imagine the strategic advantage you’d have to be ahead of your competitors on this? There are so many applications, financial and otherwise, to the blockchain revolution. Being first here --- that’s going to drive shareholder value, no question about it,” said Gardner.

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