Walmart denies news about Litecoin payment integration
Walmart denies news about Litecoin payment integration By Hannah Perez

The grocery giant announced Monday that it would begin accepting Litecoin

payments starting Oct. 1, though it was a fake statement.

***

Walmart

, the multinational corporation that operates the largest grocery stores in the United States, is not taking a major step in adopting cryptocurrencies, despite rumors.

According to a statement on Monday, the number one U.S. retailer reported that it would begin accepting Litecoin

(LTC) payments early next October. However, a spokesperson for the firm told CNBC that the statement was not authentic.

Previous information said the initiative was the product of a partnership with the Litecoin Foundation, the organization charged with driving adoption of the cryptocurrency. It also said that Walmart’

s millions of customers around the world would for the first time be able to take advantage of a cryptocurrency to pay for food and products at the supermarket chain.

The release also noted that the email address used was not an official Walmart communication channel, Decrypt said. In addition, the fake note cited purported statements from Walmart

CEO Doug McMillon. ”

The momentum and excitement around the use of cryptocurrency is undeniable, and we are ready to make online shopping easier for our customers

“.

We are excited to work with the Litecoin Foundation and continue to innovate our business. As of October 1st, all e-commerce stores will have implemented a ‘ Litecoinpayment option’.

Walmart denies Litecoin adoption

If true, the news represented one of the most relevant cryptocurrency adoption announcements in recent times, considering the presence Walmart enjoys internationally. The US retailer had already raised speculation about a possible crypto adoption back in August, after posting a job advertisement for a leading cryptocurrency expert

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.

The announcement about Litecoin integration didn’t come as much of a surprise after previous rumors. Although some members of the community expressed suspicions about the

The particular choice of such a currency instead of Bitcoin o Ethereumwhich are usually the most widely adopted due to their recognition and positioning in the market.

However, the fake statement also addressed this suspicion, saying that the choice of Litecoin was due to its speed and low-cost rates. It also quoted McMillon’s alleged words assuring that it would Litecoin it would allow buyers a seamless payments experience, “with near-instant transaction confirmation and near-zero fees, regardless of where they are in the world.”

This Monday, following the news, Litecoin experienced a significant price movement. The cryptocurrency rose significantly and then fell after the rumors were debunked. As of press time, the digital asset is trading at USD $182 and is ranked 15th by largest market capitalization.

Walmart denies news about Litecoin payment integrationWalmart denies news about Litecoin payment integrationCoinMarketCap

It is unknown if the company has plans to accept cryptocurrencies in the near future. This is a developing story and will update as new information comes out.

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Sources: Global News Wire, CNBC, archive

Article by Hannah Estefania Perez / DiarioBitcoin

Image from Unsplash