OnePay, the fintech company backed by Walmart, is preparing to integrate cryptocurrency trading and holding capabilities into its mobile application before the year concludes.
According to CNBC sources, this upgrade will enable users to seamlessly buy, securely store, and easily convert between Bitcoin and Ether directly within the OnePay app. The necessary crypto infrastructure for these features is being provided by Zerohash, a Chicago-based technology firm.
While OnePay has yet to formally announce this development, the move aligns it with major competitors in the digital payment space, such as Venmo, Cash App, and PayPal, all of which already offer cryptocurrency trading options to their users in the United States.
Established in 2021 through a collaboration between Walmart and the venture capital firm Ribbit Capital, OnePay is striving to create a comprehensive “everything app” for managing personal finances digitally. Its current offerings encompass high-yield savings products, debit and credit card functionalities, person-to-person money transfers, and options for “buy now, pay later” services.
By venturing into the realm of crypto, OnePay is wagering that its established user base, many of whom are regular shoppers at Walmart’s vast network of nearly 4,600 retail locations across the U.S., will be drawn to the convenience of managing, saving, or spending cryptocurrencies within the same ecosystem they use for traditional currency.
Although closely affiliated with Walmart, OnePay is structured as an independent entity. This strategic decision aims to broaden its appeal to a wider demographic, particularly those Americans who are presently underserved by conventional banking institutions.
In the previous month, Zerohash successfully secured over $104 million in funding from prominent investors like Morgan Stanley and Interactive Brokers. This capital injection is earmarked for expanding Zerohash’s range of crypto-related services tailored for banks and fintech enterprises.