Key Notes
- OnePay app will allow users to hold crypto, convert it to cash, and make purchases or pay off balances.
- Crypto trading is added to OnePay’s growing suite of financial services, which includes banking, credit/debit cards, buy-now-pay-later loans, and wireless plans.
- The app ranks No.
- 5 in Apple’s finance category and benefits from Walmart’s extensive retail and online presence.
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
$120 934
24h volatility:
1.5%
Market cap:
$2.41 T
Vol. 24h:
$68.68 B
and
ETH
$4 471
24h volatility:
1.8%
Market cap:
$539.11 B
Vol. 24h:
$41.43 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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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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Source: https://www.coinspeaker.com/walmart-onepay-crypto-trading-in-app/
