Walmart
Walmart and Litecoin Payment News Debunked by Walmart Spokesperson, LTC Prices Shudder from Fake News
On Monday, September 13, a press release was published by globenewswire.com and said it was connected to “Walmart Inc,” the American multinational retail corporation. Several mainstream media outlets published stories about it including Reuters, Bloomberg, and CNBC. Not too long after these reports were published, the press release saying Walmart and Litecoin partnered was verified […]Fake news: Litecoin price surges 35% following Walmart adoption hoax
According to CNBC, a Walmart spokesperson confirmed a press release on Litecoin was “not authentic” roughly an hour after the initial report broke.
The price of Litecoin rose to more than $227 this morning following erroneous reports from major news outlets that U.S. retailer Walmart would be introducing a payment option for the cryptocurrency on all its eCommerce websites.
CNBC, Reuters, Decrypt and others reported on Monday that Walmart planned to have a “Pay with Litecoin Option” for its retail websites starting on Oct. 1 as part of a partnership with the Litecoin Foundation, the organization financing and promoting adoption of the Litecoin (LTC) ecosystem. The reports seemed to spawn from a single press release through distribution service GlobeNewsWire. The release claimed Walmart chose to adopt LTC for payments based on its “cheaper and faster” features and the token having “no central authority.”
However, according to CNBC, a Walmart spokesperson confirmed the press release was “not authentic” roughly an hour after the initial report broke. Data from Cointelegraph Markets Pro shows the LTC price surged more than 35% immediately following promulgation of the fake report — from $175 to a monthly high of more than $237 — before sharply falling. At time of publication, the price of Litecoin is $182.
Related: LTC price hits 13-month high against Bitcoin
With a market capitalization of more than $406 billion, Walmart has previously hinted it would be looking into cryptocurrencies. In August, the company posted a job listing for an expert who could develop a digital currency strategy and product roadmap, but did not specifically mention it would be introducing a path for crypto payments. In addition, Walmart has used blockchain technology starting as early as 2016 for supply chain management, customer marketplaces and smart appliances.
Cointelegraph reached out to Walmart and the Litecoin Foundation, but did not receive a response by time of publication. This story may be updated.
Multi-Billion Dollar Financial Services Firm Lloyds Looks to Hire a Digital Currency Expert
Lloyds Banking Group, the British parent company of Lloyds Bank, is currently hiring a “digital currency [and] innovation senior manager,” according to a recent job listing posted to BYP Network. Lloyds is one of the largest financial services firms in the world with close to $500 billion assets under management (AUM). The new digital currency […]Retail Giant Walmart Hiring ‘Cryptocurrency Lead’ to Develop Digital Currency Strategy and Products
Walmart, the world’s largest retailer, is hiring a “digital currency and cryptocurrency product lead.” The company says it “enables broad set of payment options for its customers” and is developing a “digital currency strategy and product roadmap.” Walmart Developing Crypto Strategy and Product Roadmap Retail giant Walmart posted a job opening for a “digital currency […]Walmart seeks crypto product lead to drive digital currency strategy
Walmart’s future digital currency and crypto product lead would be based in the company’s home office in Bentonville, Arkansas.
North American retail giant Walmart is looking for an experienced crypto expert who can develop and drive an ambitious digital currency strategy and product roadmap.
In the listing for the role, Walmart indicates it is looking for someone who has a track record in leading and scaling businesses, with at least 10 years of experience in product/program management and technology-based product commercialization. The ideal candidate would have expertise in cryptocurrencies and blockchain-related technologies and in-depth knowledge of the crypto ecosystem and its core actors.
Walmart has hinted at the focus of its future digital currency strategy by noting that it already enables a “broad set of payment options for its customers” — although not yet in cryptocurrency. Back in 2019, Walmart had already filed a patent for a blockchain-based U.S. dollar-backed digital currency that was, at the time, similar to Facebook’s early proposals for what was then known as Libra.
This year, Walmart created a fintech venture called “Hazel,” which could reportedly be poised to offer a wide range of financial services integrated into a “mobile-first ‘super-app.‘”
Walmart’s future Digital Currency and Crypto Product Lead would be based in the company’s home office in Bentonville, Arkansas. In addition to developing and driving an overall crypto strategy, their key tasks would involve identifying customer needs and translating them into product requirements; forging partnerships with product, technology and design leaders; committing to a crypto product roadmap and driving the project’s execution; and identifying crypto-related investment opportunities and partnerships.
Among North American megafirms, Walmart is not alone in seeking to integrate digital currency into its e-commerce and wider business strategy. This February, Amazon posted a job listing for a leader to oversee a new digital currency service in Mexico that would allow users to spend digital currency while shopping.
Related: Walmart China Subsidiary Teams Up With VeChain to Trace Food Products
In addition to its slow foray into digital currency proper, Walmart’s blockchain-related projects have to date centered on using the technology for applications that include supply chain management, customer marketplaces and smart appliances.