- Walmart-backed financial app OnePay is planning to roll out cryptocurrency trading and custody services on its mobile platform later this year.
- The platform will initially provide support for Bitcoin and Ethereum, allowing users to convert their crypto holdings into cash for in-store spending or paying card balances.
- The new features are being developed in partnership with crypto infrastructure provider Zerohash.
- Zerohash completed a $104 million funding round with major financial institutions participating, including Interactive Brokers, Morgan Stanley, SoFi Technologies, and Apollo Global Management.
- These developments are taking place during a period of growing institutional interest in cryptocurrencies, with industry experts predicting new highs for Bitcoin prices in the near future.
OnePay, a fintech company supported by Walmart and Ribbit Capital, is set to introduce cryptocurrency trading and custody features on its mobile app before the end of the year. The upgrade will allow users to convert digital assets such as Bitcoin and Ethereum into U.S. cash for use at Walmart stores or to pay down card balances.
The service is being developed through a partnership with crypto infrastructure company Zerohash, according to a recent report by CNBC. Zerohash recently raised $104 million in a funding round led by Interactive Brokers and involving other financial firms such as Morgan Stanley, SoFi Technologies, and Apollo Global Management.
OnePay was launched in 2021 and seeks to emulate the “super app” model seen in China with platforms like WeChat or Alipay, by merging banking, lending, card, and wireless services. The introduction of crypto trading and custody is designed to further enhance the app’s all-in-one financial ecosystem.
According to CNBC, this move reflects broader changes in the financial sector amid increasing regulatory support for digital assets. Speaking on recent market trends, Geoff Kendrick, Head of Digital Assets Research at Standard Chartered, said institutional demand is expected to increase, with Bitcoin projected to reach new price records shortly and possibly rise to $135,000.
At the time the report was published, Bitcoin’s price exceeded $120,400, representing a 1% gain in 24 hours, and retail sentiment was categorized as “extremely bullish.” Ethereum also saw gains, rising 2.4% to just under $4,500, though sentiment around the token remained neutral.
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