Walmart Denies Fake News About Litecoin

It was recently reported that a partnership agreement had been signed between Walmart and Litecoin; However, on Monday morning, Walmart issued an official statement announcing that the information was not accurate.

According to incorrect information, the retail giant introduced the possibility of payment through Litecoin.

A Walmart spokesman confirmed the allegations. He also noted that the company itself contacted the press release provider to clarify the situation. The US and the Foreign Exchange Commission have not yet commented on the incident, so an investigation has not been launched.

The price of Litecoin fell sharply during the incident. It should be noted that BitPay has launched a new payment option for Litecoin this summer.

Despite the false press release about Walmart, it is noticeable that companies are interested in retailing cryptocurrencies. Walmart is the largest retail service provider in the United States. In 2019, when Facebook acquired a cryptocurrency patent, Walmart did the same.

While nothing significant has yet been announced about such cryptocurrency initiatives, the retailer still posted a vacancy for the “Digital Currency and Cryptocurrency” product leader in August.

The company was looking for a particular person to develop a digital currency infrastructure map. Crypto payments are not currently available. However, there are some expectations that the future of retail will be full of cryptocurrency exchanges.

Litecoin has risen more than 25% since the false information was leaked; however, the profit has been cancelled after Walmart confirmed the statement was false. According to the latest data, Litecoin shares have decreased by 5%.

Conclusion

It is noteworthy that this is not the first time that public attention has been drawn to false press statements. Dissemination of any information, especially from a popular, reliable source, provokes very significant reactions. To avoid misunderstandings, each media outlet must take responsibility for its work and fulfil its duty – to disseminate only reliable and verified information.