Walmart Added Support For Litecoin Payments, Price Instantly Increased By 25% But… It’s A Fake News
According to Reuters, Walmart Inc., the No. 1 U.S. retailer and world’s largest grocer, is pleased to announce a significant partnership with Litecoin. Following this news, the LTC price immediately increased by 25%, from a low of $175 to $218.25. However, as CNBC reports, a Walmart spokesperson confirmed the press release is not authentic.
LTC/USD 4-hour chart | Source: TradingView
Walmart to start accepting Litecoin, price increase immediately but now….
As the press release originally said, as of October 1st, Walmart will begin accepting Litecoin at all of its eCommerce stores. McMillon said that the cryptocurrency industry is currently experiencing undeniable momentum.
“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”, added Doug McMillon, Walmart CEO. “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.”
Walmart has long been one of the earliest adopters of blockchain, starting in 2016. Back then, it experimented with digital ledgers to improve its supply chain. With this partnership, Walmart will offer their shoppers Litecoin to benefit from the cryptocurrency’s features.
“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”, Charlie Lee, Litecoin’s creator and the CEO of Litecoin Foundation, shared.
Litecoin is a crypto platform that has blockchain’s transaction speed, low fees, and track record. One of the oldest cryptocurrencies, founded in 2011, has a market capitalization of $11.7 billion. After years of floating, Litecoin is still one of the most significant digital currencies, outstripping the market share of its contemporaries.
This would have been good news if the news had been true. But, unfortunately, this is just a fake press release sent out by GlobeNewswire. Also, the release was never listed on Walmart’s official corporate website.
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