BENTONVILLE, Ark., Sept. 13, 2021 (GLOBE NEWSWIRE) — Walmart Inc. (NYSE: WMT), the No. 1 US retailer and the world’s largest grocer, is pleased to announce an important partnership with Litecoin. The eCommerce giant plans to give its millions of shoppers around the world the ability to pay seamlessly with cryptocurrencies.
“The momentum and excitement surrounding the use of cryptocurrency is 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. By integrating Litecoin, we will enable customers to experience a very smooth checkout experience with near instant transaction confirmation and near zero fees no matter where they are in the world we are very excited to partner with the Litecoin Foundation and our company continue to innovate. By October 1, all eCommerce stores will have implemented a ‘Pay with Litecoin option’,” said Doug McMillon, CEO of Walmart.
Walmart has long been one of the early adopters of blockchain technologies, beginning as early as 2016 to test the digital ledger for improvements in its supply chain. Now, with this partnership, Walmart will offer their customers to use Litecoin to take advantage of the features of the cryptocurrency.
Charlie Lee, creator of Litecoin and CEO of Litecoin Foundation, shared, “LTC’s super low rates and fast transaction times are perfect for a leading eCommerce store like Walmart. We are excited and extremely excited that our cryptocurrency is now supported by Walmart, creating more opportunities for all merchants to accept Litecoin in the future.”
Why Litecoin? Released in 2011, Litecoin is one of the oldest digital currencies in the crypto ecosystem. Litecoin (LTC) is similar to Bitcoin (BTC), in that it uses the same code as the latter, and shares many similarities. However, Litecoin is cheaper and faster than Bitcoin. Litecoin is also a peer-to-peer cryptocurrency that enables cross-border transactions and improves digital payment systems. Like Bitcoin, Litecoin has no central authority.
Litecoin is designed to be used for cheaper transactions and to be more efficient for everyday use. While Litecoin requires more advanced technology to mine than Bitcoin, blocks are actually generated up to four times faster. Litecoin also processes financial transactions a lot faster.
Walmart Inc. (NYSE: WMT) helps people around the world save money and live better lives – anytime, anywhere – in stores, online and through their mobile devices. Each week, approximately 220 million customers and members visit approximately 10,500 stores and clubs under 48 banners in 24 countries and eCommerce websites. With sales of $559 billion in fiscal 2021, Walmart employs 2.2 million people worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment. Additional information about Walmart can be found at corporate.walmart.com, on Facebook at facebook.com/walmart and on Twitter at twitter.com/walmart.
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Source: WalMart Inc.