Walmart-Litecoin Pact Hoax Jolts Crypto Market
The thing is with litecoin a decentralized cryptocurrency, anyone can really start supporting it and accepting it without um talking to me or without going through electron foundation. So what happened? Was this news got released by global newswire and reuters, and one of our social media guys saw it and thought actually thought it was true because um because it was reported by reuters and he retweeted it and then 15 minutes later? He immediately saw that it was a fake news, so he deleted that tweet now. Are there any efforts to make? Whoever is behind this accountable, like if this was a pump and dump effort? Can you track who who whos behind us or somehow track uh the trader? Who was involved, i guess its possible im – sure global newswire, um hasnt con is in contact with the person who submitted this news report, so they can try to figure out who did it in terms of us as litecoin foundation? Theres, not much we can do. I mean people can release fake news for cryptocurrencies all the time. Actually, this happens with traditional stock market. Also so its not just in cryptocurrency global newswire did just come out with a statement saying theyre, enhancing authentication steps. After the fake release, they will work with authorities on a full probe. They say the insulin was quote: isolated, never happened before you know, uh litecoin itself. You know, as youve said said, the release was fake said the quotes were fabricated, said someone on the social media team got a little too eager when they retweeted this um, but litecoin did pop big time on this quote: unquote: news now that we know uh its Fake news to those who might suspect someone on your end is responsible.
What would you say? I mean its? Definitely not anyone on our end, um litecoin, being a decentralized cryptocurrency um, pretty much its anyone can if they want to um. If they want the pricing pump, they can potentially release these fake news, um. So im going to deny it that it has anything to do with us and well try our best to figure out who did it and we will stop things from from uh spreading. What internal compliance changes are you making as a result of todays events? Well, we realized how powerful our um our twitter handler handle is right. So we want to make sure that we dont uh retweet fake news, one double check and make sure it goes through some uh checks before we actually tweet anything so thats, something we definitely have to improve on litecoin is still very volatile. Generally. How much is it actually used in payments today? What are you doing to incur encourage future use in payments, and i wonder if this is at all a setback? Well, its litecoin is used quite a bit for payments. I mean its not as popular as bitcoin uh per se, but its used quite a bit: theres um, tens of thousands, maybe hundreds of thousands of merchants, its hard to know exactly how many merchants support litecoin um. But we do know from on chain transactions that about three billion dollars, um worth of litecoin is sent every day. So, of course not all that is for payments.
Some of it is people just moving like ones around or two exchanges um, but a lot of that is actually people paying for stuff using the liquid network, because the transactions are fast and its cheap and it just works. Uh litecoin has been around for almost 10 years now. Actually next month is our 10 year anniversary, so over that span of 10 years theres over a trillion dollars worth of litecoin sent over the network. So it shows that litecoin is actually being used and its pretty popular. This isnt, the first cam tied to crypto, certainly youve, also pointed out this isnt unique to crypto, but when it comes to equities there are consequences. There are theres regulation. There are certain controls in place. How should the crypto industry handle these kinds of situations? What kind of regulation do you think the sec should bring to bear? I think the decentralized crypto is a little bit different from from stock right. So the lightroom foundation is a non profit, um thats supporting litecoin, but we dont we didnt like print litecoin. We dont have we didnt create like coins for ourselves. So, unlike a company, for example, like tesla, which has shareholders and the ceo, has a lot of tesla stock, if elon musk tweets something that pumps the stock which he has done previously, its really bad for for the whole um for an industry, whereas for electron foundation, I mean we try our best to not tweet fake news, and this time we really screwed up and we will try harder to not do that um, but because its a decentralized cryptocurrency, we dont really benefit from pumping like point so theres.
No incentives for us to do that and thats the way it works. I im not sure what kind more regulation it needs to be, but i definitely think having more a stricter um fact. Checking for for journalism is important. In this case. You liquidated much of your holdings in 2017 after criticism that your public opinions could affect the price. Is that still the case that you have zero or negligible holdings in litecoin itself? To this day, thats right, i have um, maybe 20 or so litecoins, maybe less, depending on what i use on a daily basis, um and thats thats, actually a good point, because this means that i have no incentive to to do something like this and um its Really bad for for this to happen, and we really look into it now you have a partnership with bitpay and you have been working on getting wider adoption out there getting more retailers to accept cryptocurrency as a form of payment. What do you think the next level is here when you know to be fair there there is, there are scams, there is distrust uh. You know theres a lot of uncertainty around cryptocurrency that remains in general, and the skepticism could be a roadblock yeah. So our partnership with bitpay weve announced recently they have over a thousand merchants supporting um crypto and now they can easily accept litecoin so which is like the way i do cheaper, have started accepting litecoin and other than that.
We also have a partnership with third goal. We launched the like one card, which is a visa card where, if you spend like, if you spend um money at a merchant accepting visa, you basically uh your litecoin will be exchanged on the spot for a dollar and were also working on launching that internationally and Lastly, paypal launched litecoin support last year. They have 375 million users and 29 million merchants. They also announced that they plan to let their merchants accept. Uh, crypto and litecoin later so expect to see a lot more merchants accepting litecoin in the future. A lot more people be able to easily buy litecoin and spend it wherever they want. So what are your priorities for the litecoin foundation for the rest of the year, especially uh, given what has just happened? Well, its obvious that we now need to get litecoin accepted at walmart thats, just that just became our number one priority, but all all! Joking aside, so last week we announced we got a new feature called omni lite to litecoin, which lets user trade tokens and create tokens on top of litecoin. This is the same technology that um tiger uses on bitcoin to support usdt, so were talking integra to also potentially launch usdt on litecoin and omnilight will also support nft soon and lastly, one of the biggest upgrade to litecoin is actually coming later.