Key Takeaways
- Walmart’s OnePay to add crypto trading and custody for Bitcoin and Ethereum, later this year, in the mobile app.
- The service is built on the crypto infrastructure company Zerohash, which recently raised $104M backed by investors such as Morgan Stanley.
- This will put OnePay in competition with other services such as PayPal and Cash App, helping millions of daily users incorporate crypto into their everyday financial lives.
Table of Contents
A Retail Giant Embraces Digital Assets
In a major step for mainstream crypto adoption, Walmart’s OnePay to add crypto trading and custody directly within its finance app. Walmart’s fintech holding has worked with infrastructure partner Zerohash to facilitate customers buying, selling, and safely holding Bitcoin and Ethereum. This strategic integration, reported by CNBC and slated for a late 2024 launch, represents one of the most significant retail-to-crypto bridges to date, bringing digital assets to Walmart’s vast customer base.
Read also: PayPal’s “Pay with Crypto” Feature Goes Live: 100+ Tokens Now Accepted by U.S. Merchants
Building an “Everything App” with Crypto
The decision for Walmart’s OnePay to add crypto trading and custody is a core part of its strategy to become a comprehensive “everything app” for digital finance. Beyond just investment, the service may allow users to seamlessly convert crypto into cash within the app to make store purchases or pay down card balances. By marrying a “digital asset” with the “daily commerce,” OnePay has the potential to alter how mainstream retail shoppers transact with crypto.
Read also: Santander’s Openbank Crypto Services Launches in Major European Push
Democratizing Access for Everyday Users
By leveraging Zerohash’s regulated backend, Walmart’s OnePay to add crypto trading and custody safely brings digital assets to an audience that may be new to the space. This move capitalizes on a shifting regulatory framework and places OnePay in direct competition with established fintech players. For the millions of Americans who use OnePay as a banking and payment service, it brings crypto onramps firmly into their financial toolkit and hastens the transition from niche asset class to common utility.
FAQs
When will crypto trading be available on OnePay?
The feature is expected to roll out to users “later this year,” though an exact date has not been announced.
Which cryptocurrencies will be supported?
The initial offering will include Bitcoin (BTC) and Ethereum (ETH).
Who is providing the crypto technology?
OnePay is partnering with Chicago-based crypto infrastructure firm Zerohash to power the trading and custody services.
For more new crypto trading services, read: MoneyGram Stablecoin App Launches to Revolutionize Remittances
