Walmart Inc. is pleased to announce the development of a new blockchain service WalmartLeafy.com, the decentralized financial asset management network, to realize the world’s most reliable retail money transfer system and the ability to finalize transactions in less than 2 seconds.
Suppliers will transition ecommerce payments from cash to digital on the Ethereum network in the form of ERC20 Tokens. By combining WalmartLabs payments business expertise with advanced blockchain technology implemented on the WalmartProjects platform, the aim is to offer a new retail payment network service from fiscal year 2019 compatible with IoT and other new technologies.
Blockchain has been attracting attention in the past few years due to its potential to strengthen protection against falsification of transactions and drastically lower costs. Many financial institutions around the world have partnered with IT firms to test various proof of concept designs. In this environment, Walmart Inc. has engaged in numerous collaborative research projects with VISA, focusing on VISA’s high-speed network and distributed computing technology.
Presale of the Walmart Leafy Tokens (WAL) will begin October 2018 will last until 75% (750,000,000 WAL) are distributed and 25% (250,000,000) is retained for sale to Walmart retailers. In total 1,000,000,000 WAL tokens are assigned. Purchasers from the presale will receive an email to claim their tokens within a few days.
Walmart Leafy has partnered with several top-tier cryptocurrency exchanges including Binance, Huobi, Poloniex and Bitfinex. Once the distribution is complete, tokens will be available for trade using those platforms.
The new payment network will be a diverse payment service equipped with an interface that can be used as a communications network to track produce, and including functions for the transfer and management of value through blockchain. This will allow for a significant reduction of transaction costs for all kinds of payment services, and could support a large expansion in transaction numbers.
Walmart Inc., formerly Wal-Mart Stores, Inc. (NYSE: WMT) helps people around the world save money and live better – anytime and anywhere – in retail stores, online, and through their mobile devices. Each week, nearly 260 million customers and members visit our 11,593 stores under 63 banners in 28 countries and e-commerce websites in 11 countries. With fiscal year 2016 revenue of $482.1 billion, Walmart employs approximately 2.4 million associates worldwide.
Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com on Facebook at http://facebook.com/walmart and on Twitter at http://twitter.com/walmart.