Litecoin (LTC) Founder Charlie Lee Apologizes for Phony Walmart Story

Litecoin (LTC) Founder Charlie Lee Apologizes for Phony Walmart Story

The Litecoin Foundation is currently dealing with a significant crypto adoption goof sending the asset’s price tumbling. While it took a while, Charlie Lee, the company’s founder, has come out to clear the air over what happened.

‘We Screwed Up.’

Yesterday, Lee appeared on a Bloomberg TV segment. He admitted that the company “screwed up” after an employee had retweeted a false report regarding a partnership with e-commerce giant Walmart. In the news segment, Lee vehemently denied any collaboration with the e-commerce giant, adding that the Litecoin Foundation will continue to investigate the source of the fake news.

The announcement, which has since been taken down from Globe Newswire, had referenced a partnership between Walmart and the Litecoin Foundation. The partnership reportedly included accepting Litecoin as a payment method for products on Walmart – a move that would have been an incredible boon to the crypto industry.

The news had caused a 35 percent surge in the price of LTC, showing that the market was reacting positively to the prospect of a partnership with a company on the scale of Walmart.

Sadly, the news turned out to be fake news. In a statement, the Litecoin Foundation explained that the press release had come out without their knowledge, and they didn’t know about its spread – which had been so rampant that several major media outlets had covered it. In response to the hype, one of the company’s social media handlers had tweeted the press release out without getting appropriate clearance.

Apologizing, Globe Newswire also explained that a fraudulent user account had been used to share the press release. A spokesperson for the press release published called this an “isolated incident,” adding that they would continue to work with investigators to find who started the firestorm.

In his Bloomberg interview, Lee explained that anyone could start accepting Litecoin without getting approval from the Litecoin Foundation. So, he was pleasantly surprised when he woke up and saw the press release about Walmart accepting the coin. Sadly, it turned out to be fake. The market appears to have forgiven Litecoin, with the asset rising by 3.6% in the past 24 hours. The Foundation – along with Globe Newswire – will investigate the incident to prevent a recurrence.

Walmart Looks to Integrate Crypto Nonetheless

While Walmart isn’t partnering with Litecoin just yet, the company does appear to have crypto in mind. A job listing published last month shows that the company is looking for a crypto expert to develop and drive a digital currency product roadmap ad strategy.

In the job listing, Walmart indicated that it requires someone with a 10-year of experience in product and program management and technology product commercialization. The ideal candidate will be experienced in blockchain and crypto-related technologies while also having a strong knowledge of today’s crypto ecosystem.

The company is joining its biggest competitor, Amazon, looking to hire a digital currency lead.

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Author: Jimmy Aki

America’s Largest Retailer, Walmart, Is Hiring A “Cryptocurrency Product Lead”

America’s Largest Retailer, Walmart, Is Hiring A “Cryptocurrency Product Lead”

With this crypto move, the eCommerce company aims to enable a broader set of payment options for its customers.

After e-commerce giant Amazon, multinational retail corporation Walmart is the latest company to hire a crypto lead.

Less than 24 hours back, the company posted a job for a digital currency and cryptocurrency product lead. For this job, Walmart requires someone passionate about Digital Currencies and would be responsible for developing the digital currency strategy and product roadmap at the company.

“As one of the largest retailers and e-commerce companies, Walmart enables a broad set of payment options for its customers.”

The cryptocurrency lead will drive the Digital Currency strategy for Walmart and identify crypto-related investment and partnerships.

For this position, one needs to have a Bachelor’s Degree, over a decade-long experience in product management, technology commercialization, and of course, have experience in the cryptocurrency ecosystem and related technologies as well along with the knowledge of the players involved in the rapidly growing industry.

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Author: AnTy

Walmart and 7 Other Companies Join Collaborative Blockchain Group Hyperledger

Walmart has become the latest company to be added to the open-source blockchain Hyperledger, being one of the 8 new members to join the platform today.

These new members were announced in Phoenix, Arizona, at the 2020 Hyperledger Global Forum on March 3. Walmart Global Tech’s vice president Sanjay Radhakrishnan had this to say about his company becoming a Hyperledger member:

“We’ve seen strong results through our various deployments of blockchain, and believe staying involved in open source communities will further transform the future of our business.”

New Service Providers Announced by Hyperledger

Launched back in 2016, Hyperledger is hosted by the Linux Foundation. Its platform has the purpose to advance blockchain technologies. It has received contributions from Intel and IBM. At the Forum’s opening day, 8 Hyperledger new members were announced, Aiou Technology included.

Aiou Technology is a subsidiary of IOST, a popular blockchain network. The business-to-business smart contracts company Clear and Tangem, the Swiss blockchain services firm, were announced to be new members as well. Hyperledger seems to have 6 new Certified Service Providers too. These include: Kompitech, Beijing Proinsight Technology, Xoaa, LimeChain, Mindtree, and Zhigui. Here’s what Hyperledger’s executive director, Brian Behlendorf, had to say about the new members:

“Adding this great mix of new members and HCSPs is a great opening act for Hyperledger Global Forum.”

Walmart Is a Supporter of Blockchain Technology

Walmart decided to become a Hyperledger member 10 years after it had first experimented with DLT. In 2016, the retail giant closed a partnership with China’s Tsinghua University and IBM to run a pilot program that uses Hyperledger and tracks the pork market in China. The pilot’s aim was to bring improvements in the food safety sector by identifying supply chain potential contaminators at the source.

Walmart filed patents related to blockchain technology and even filed to patent a blockchain-based system that traces drone-delivered packages in 2017. All through 2018, Walmart files numerous patents with the US Patent and Trademark Office, targeting shipping, supply chain, and payments systems. In 2019, it joined MediLedger, the blockchain-based pharmaceutical consortium.

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Author: Oana Ularu

Retail Giant Walmart Partners With IBM Blockchain To Track Shrimp To Sams Club Locations

Walmart recently announced that it is steering blockchain technology for end-to-end traceability of shrimp sourced in Andhra Pradesh and exported to select Sam’s Club locations in the US.

The US imports 46% of shrimp consigned from India and Andhra Pradesh is the principal shrimp exporting State in the country. Blockchain is a way to digitize data and share knowledge across a complex supply chain network in a secure and trusted manner.

John Connelly, the President of the National Fisheries Institute said:

“As one of the most traded commodities in the world, seafood has a complex and wide-reaching supply chain, which makes testing and further developing technology-assisted traceability programs an important step. It is encouraging to see a retail leader like Walmart participate in seafood blockchain testing.”

The blockchain pilot will allow smallholder farmers to export to Walmart’s membership-only retail warehouse “Sam’s Club” food safety program, which requires suppliers of seafood products to complete internationally-recognized standard best aquaculture practices (BAP). This includes responsible cultivation and sustainable farming to produce high-quality seafood produce.

This end-to-end blockchain pilot is the first of its kind in India and has the potential to create long-term economic opportunities for the shrimp farming community in Andhra Pradesh, directly benefiting the farmers through new skills training and development.

Noticeably, Walmart has been working with IBM on the use of blockchain technology to enhance global food traceability since 2017, under the IBM Food Trust initiative.

Ultimately, it will help seafood farmers in the region to strengthen the shrimp supply chain and reinforce customer trust in the product, helping promote India as a preferred source of seafood, while also enhancing food traceability and transparency for consumers in the US.

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Author: Sritanshu Sinha