update 14 September 2021

Walmart Terms Crypto Payments Partnership with Litecoin News as Fake 

Following a press release by GlobeNewswire, Walmart has denied Litecoin partnership claims. The institutions’ spokesman Randy Hargrove stated that the press release is fake. He also mentioned that the retailer urges the news site to investigate how the piece ended up public.

The news seemed to quote Doug McMillon, Walmart’s CEO, portraying a “Major Partnership.” Litecoin had at some point tweeted about the partnership, but the tweet has somehow disappeared.

Litecoin dramatic fall

According to Coin Metrics, Litecoin has since then traded down by 2%. Walmart got direct attention on the matter as major media houses published the news. The announcement followed significant security alarms. One of the referenced contact email accounts was a dead end. As of now, they still haven’t identified the person who published it.

The news piece covered a partnership between Walmart and Litecoin. Being one of the major altcoins in circulation, shoppers marveled at the idea for trade and purchase payments. However, the announcement is not present on Walmart’s official corporate website. Nonetheless, GlobeNewswire has taken down the coverage.

The hoax saw the value of Litecoin soar by about 30% totaling $225 by Monday morning. However, according to Coingecko, the value has since dropped to $180. After the exposé, Litecoin and Walmart foundations did not respond with comments immediately.

Walmart Could Integrate Cryptocurrencies Soon

In the past, many rumors spiked about Walmart developing a cryptocurrency trading strategy. However, the giant retail store is not yet ready to accept digital currencies. While the Monday report could be fake, Walmart is exploring different ways to accommodate crypto payments in the future. 

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Last month, Walmart made improvements on career listings. In addition, the company’s website said it was looking for a crypto expert to develop its digital currency strategy.