OnePay, a fintech initiative under the umbrella of retail giant Walmart, is poised to introduce cryptocurrency trading and custody features to its mobile application, according to sources familiar with the developments. The firm is reportedly collaborating with Zerohash, a startup specializing in cryptocurrency infrastructure and stablecoin solutions, to integrate trading and custody options into its platform by the end of the year.
This significant move signifies a growing acknowledgment of cryptocurrency as an essential component of modern financial services, positioned alongside traditional offerings such as savings accounts, credit cards, and wealth management advisory. This perspective was emphasized by CNBC reporter Hugh Son during a recent segment on “Squawk on the Street.”
OnePay was established in 2021 through a strategic partnership between Walmart and investment firm Ribbit Capital, aiming to provide consumers with innovative and economical financial solutions. Currently, the app features a digital wallet with Walmart rewards, a high-yield savings account, and a debit card, all designed to enhance the user experience within a competitive financial landscape.
Specifics regarding the crypto features intended for inclusion in the app, beyond the anticipated trading capabilities, remain undisclosed. Meanwhile, Zerohash has recently completed a substantial funding round, raising $104 million through investment led by Interactive Brokers, resulting in a valuation of $1 billion.
Since its release, OnePay’s mobile banking application has seen a remarkable surge in popularity, climbing over 50 positions in both the Apple and Google Play app store rankings in just the last month. It now sits among the top five free finance applications on both platforms—a testament to its growing user base and functionality.
Walmart’s potential foray into the cryptocurrency sector is not unprecedented. Earlier in the year, reports surfaced indicating that the company was contemplating the launch of its own stablecoin, although these claims were met with skepticism from figures such as Senator Elizabeth Warren, who has voiced concerns about cryptocurrency markets.
As of now, officials from OnePay and Walmart have not provided comments to queries concerning the latest developments in the app’s offerings.
