Walmart-backed fintech OnePay will introduce Bitcoin and Ethereum trading and custody on its mobile app later this year.
Walmart-backed fintech firm OnePay plans to introduce trading and custody services for Bitcoin and other digital assets on its mobile app later this year. According to anonymous sources cited by CNBC, the platform will initially provide access to BTC and ETH, with support from the startup Zerohash.
Walmart’s OnePay to Introduce Crypto Trading in Its “Everything App”
Founded in 2021 by Walmart and venture firm Ribbit Capital, OnePay aims to become an American super app for digital finance. Crypto trading seems to be the latest addition to its list of product offerings. This is a major development as America’s retail giant Walmart was also plotting stablecoin moves earlier this year.
The app currently supports high-yield savings accounts, credit and debit cards, buy now-pay-later loans, and even wireless plans. By enabling users to hold BTC $64 769 24h volatility: 2.0% Market cap: $1.29 T Vol. 24h: $43.63 B and ETH $1 900 24h volatility: 2.5% Market cap: $227.89 B Vol. 24h: $17.59 B directly in the app, OnePay customers may be able to convert cryptocurrency into cash. Thus, it will enable them to make in-store purchases or pay off credit card balances.
The move comes as cryptocurrencies gain broader acceptance in the U.S., with major financial institutions now entering the market. Last month, Morgan Stanley announced it would soon allow retail clients to access crypto through its E-Trade subsidiary.
Zerohash will power OnePay’s crypto offerings and has recently raised more than $104 million from top financial institutions. The funding aligns with Zerohash’s strategy of partnering with banks and brokers to build crypto products.
Crypto Can Boost OnePay App Adoption
The app could greatly benefit from Walmart’s massive distribution network. It will be available at the retailer’s online and in-store checkout systems, reaching roughly 150 million Americans weekly.
However, OnePay operates as a separate entity from Walmart. This enables it to serve a broader audience beyond Walmart customers, including Americans who are underserved by traditional banks.
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