Walmart-backed fintech OnePay is poised to introduce cryptocurrency trading and custody capabilities in its app by the end of the year, according to sources familiar with the matter. This addition will allow users to buy, hold, and convert popular cryptocurrencies such as Bitcoin and Ether, leveraging infrastructure from Chicago-based Zerohash, a company known for providing crypto services to financial institutions.
While OnePay has not made a formal announcement regarding this rollout, the anticipated features align it with competitors like Venmo, Cash App, and PayPal, all of which currently offer cryptocurrency trading to their U.S. customers. This strategic move is expected to enhance the app’s appeal, particularly to users who frequent Walmart’s extensive network of nearly 4,600 U.S. stores.
Founded in 2021 by Walmart in collaboration with venture firm Ribbit Capital, OnePay aims to create an “everything app” that consolidates various digital finance services. Currently, the app offers a range of features, including high-yield savings accounts, debit and credit cards, peer-to-peer payments, and buy now, pay later options.
By integrating cryptocurrency functionalities, OnePay is betting on the inclination of its user base to engage in frequent financial activities—including spending, saving, and transferring crypto—on the same platform where they manage cash transactions. Although it operates under Walmart’s umbrella, OnePay functions as a separate entity designed to cater to a broader audience, particularly targeting Americans who lack access to traditional banking services.
Adding to the momentum in the crypto ecosystem, Zerohash recently secured over $104 million in funding from major firms, including Morgan Stanley and Interactive Brokers, to further expand its cryptocurrency offerings for banks and fintech companies. This financial backing positions Zerohash as a key player in providing essential infrastructure to support fintech platforms like OnePay in their venture into the cryptocurrency market.
