Earlier today, some fake crypto news came out from GlobalNewsWire which announced Walmart to accept Litecoin. Immediately, the crypto pumped by over 20% and looked like it was going to run strong… right up until the point that it was announced that the news wasn’t true, and LTC immediately gave up the morning’s gains.
The press release said that Walmart, the biggest retailer in the United States, would being to accept Litecoin for payments from shoppers and even purported to quote CEO Doug McMillon.
“By integrating Litecoin, we will enable shoppers to experience a very smooth checkout experience with near-instant transaction confirmation… “Starting October 1st, all eCommerce stores will have implemented a ‘Pay with Litecoin Option.'”
Fake News, quoting CEO Doug McMillon. This quote is not confirmed.
The story which told us that Walmart to accept Litecoin in the not too distant future appeared on pretty much all the crypto news sites, but also many mainstream media sites (including CNBC) this morning, but a Walmark spokesperson confirmed the press release was not authentic, and definitely not issued by the retailer.
The announcement reference a non-working website in the email of one of the listed contacts, William White, which sparked suspicions, and ultimately led to the company releasing a statement saying it wasn’t true. The domain in the listed email was walmart-corp.com, but this website does not exist, and it appears to have nothing to do with Walmart whatsoever.
This kind of Fake news can be devastating to investors, especially those who piled in to buy the token as it was moving northwards.
Who broke the story saying Walmart to accept litecoin?
At this point in time, it’s not clear where this story came from, or who authored it, but it appears to have been first released on PR site GlobalNewsWire. The original text was as follows:
BENTONVILLE, Ark., Sept. 13, 2021 (GLOBE NEWSWIRE) — Walmart Inc. (NYSE: WMT), the No. 1 U.S. retailer and world’s largest grocer, is pleased to announce a major partnership with Litecoin. The eCommerce giant intends to give its millions of shoppers across the world an opportunity to seamlessly make payments with cryptocurrencies.
“The momentum and excitement around the use of cryptocurrency are undeniable, and we are poised to make online shopping easy for our customers. As a leading eCommerce store, we are committed to bringing innovations to the online shopping experience. By integrating Litecoin, we will enable shoppers to experience a very smooth checkout experience with near instant transaction confirmation, and near-zero fees regardless of where in the world they are. We’re very excited to be working together with the Litecoin Foundation, and further innovate our business. Starting October 1st, all eCommerce stores will have implemented a ‘Pay with Litecoin Option,'” said Doug McMillon, Walmart CEO.
Walmart has long been one of the earliest adopters of blockchain technologies, starting as early as 2016 to trial the digital ledger for improvements in its supply chain. Now, with this partnership, Walmart will offer their shoppers to use Litecoin to benefit from the features of the cryptocurrency.
Charlie Lee, Litecoin’s creator and the CEO of Litecoin Foundation shared, “LTC’s super low fees and fast transaction times are perfect for a leading eCommerce store like Walmart. We are thrilled and extremely excited that our cryptocurrency is now supported by Walmart, opening up more opportunities for any merchants to accept Litecoin in the future.”
Why Litecoin? Released in 2011, Litecoin is one of the oldest digital currencies in the crypto ecosystem. Litecoin (LTC) is similar to Bitcoin (BTC), in that it uses the same code as the latter, and shares many similarities. However, Litecoin is cheaper and faster than Bitcoin. Litecoin is also a peer-to-peer cryptocurrency that facilitates cross-border transactions and enhances digital payment systems. Like Bitcoin, Litecoin has no central authority.
Litecoin was designed to be used for cheaper transactions, and to be more efficient for everyday use. While Litecoin requires more sophisticated technology to mine than Bitcoin, blocks are actually generated up to four times faster. Litecoin also processes financial transactions a lot quicker.
About Walmart
Walmart Inc. (NYSE: WMT) helps people around the world save money and live better – anytime and anywhere – in retail stores, online, and through their mobile devices. Each week, approximately 220 million customers and members visit approximately 10,500 stores and clubs under 48 banners in 24 countries and eCommerce websites. With fiscal year 2021 revenue of $559 billion, Walmart employs 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting corporate.walmart.com, on Facebook at facebook.com/walmart and on Twitter at twitter.com/walmart.
This story is still developing, and we will update as we get more information, but for now, it’s fair to say that it’s NOT TRUE that Walmart to accept Litecoin, certainly any time soon.
