By The Associated Press and The Associated National PressWalmart Market Movers is the latest retailer to unveil its new crypto-stock portfolio, according to a report from Wall Street Journal.
The Walmart platform announced on Monday that it had raised $50 million in new funds to support its growth as it tries to expand its global presence and take on new competitors in the digital space.
The funds were led by New York-based venture capital firm Greylock Partners, which earlier this year purchased a majority stake in the retail giant.
Walmart also said that it has also signed partnerships with Bancor, a new blockchain-based platform, to create a new crypto asset called BlackCoin.
It also announced partnerships with e-commerce giant Snapdeal, online payments company Square, mobile payments company Uber and social media platform Medium.
In addition, Walmart will also use its existing platform to launch an additional $100 million in capital to help it compete against other digital retailers.
“This is an exciting time for Walmart, the world’s largest private employer, and we’re excited to continue to deliver on our commitment to deliver value, innovation and services to our customers,” Walmart Chief Executive Doug McMillon said in a statement.
Walmarts new crypto portfolio will include several digital assets that have already raised funds, including bitcoin, ethereum and litecoin.
The company also plans to launch a new product this year, according the Wall Street report.
Walter Isaacson, a founder of bitcoin exchange Coinbase, and two of its executives, Mike Novogratz and Mike Belshe, were named Walmalls Chief Executive Officers.
WalMart has been expanding its digital business to include more than 400 retail locations across the United States and Europe.
The company has also acquired an array of digital content such as podcasts and e-books and has launched a TV-based online shopping portal.