In a significant move that could reshape the digital finance landscape, Walmart-backed fintech OnePay is gearing up to introduce cryptocurrency trading and custody features to its app by the end of the year. This development, reported by CNBC, will enable users to buy, hold, and convert Bitcoin and Ether seamlessly within the app. The integration is facilitated by Chicago-based crypto infrastructure provider Zerohash.
Bridging the Gap with Competitors
OnePay’s decision to delve into the world of cryptocurrencies comes as no surprise, given the competitive landscape. Major players like Venmo, Cash App, and PayPal have already ventured into crypto trading, offering American users the flexibility to engage in digital currency transactions. By adding this feature, OnePay is not only aligning itself with these fintech giants but also potentially expanding its user base.
Founded in 2021 through a collaboration between Walmart and venture firm Ribbit Capital, OnePay has long been on a mission to become an “everything app” for digital finance. The platform currently offers a suite of services including high-yield savings accounts, debit and credit cards, peer-to-peer payments, and buy now, pay later options. Adding cryptocurrency to this mix underscores OnePay’s ambition to cater to diverse financial needs under one digital roof.
A Strategic Move for Walmart Shoppers
For Walmart shoppers, this new feature could be a game-changer. With nearly 4,600 stores across the U.S., Walmart boasts a massive customer base that could potentially benefit from integrated crypto services. OnePay is betting that its users, many of whom are regular Walmart patrons, will appreciate having the ability to spend, save, or transfer cryptocurrency as easily as they handle traditional currency. The convenience of managing both cash and crypto on a single platform might just be the value proposition that sets OnePay apart from its rivals.
Despite its close ties to Walmart, OnePay operates as an independent entity. This separation is strategic, aiming to appeal to a broader audience, particularly those Americans who find themselves underserved by traditional banking institutions. The addition of cryptocurrency services could further democratize access to financial tools for these users.
Zerohash: The Power Behind the Platform
The choice of Zerohash as the crypto infrastructure provider for this endeavor is noteworthy. Last month, Zerohash secured over $104 million in funding from significant players like Morgan Stanley and Interactive Brokers. This capital infusion is intended to expand its crypto services for banks and fintech companies, positioning Zerohash as a crucial partner for OnePay’s crypto ambitions.
Zerohash’s robust infrastructure will enable OnePay to offer reliable and secure crypto trading experiences. This partnership not only leverages Zerohash’s technical expertise but also its growing influence in the burgeoning field of cryptocurrency services.
Balancing Innovation with Risk
However, as with any foray into the volatile world of cryptocurrencies, there are inherent risks. The crypto market is known for its unpredictability, which could pose challenges for OnePay’s users who are new to digital assets. The company will need to ensure that it provides adequate education and support to help users navigate the complexities of buying, holding, and converting cryptocurrencies.
Moreover, regulatory scrutiny remains a significant factor. As the U.S. government continues to grapple with how best to regulate digital currencies, OnePay will need to stay vigilant and compliant with any new rules or guidelines that emerge. This balancing act between innovation and regulation will be crucial for the successful rollout of OnePay’s crypto services.
The Road Ahead
While OnePay hasn’t officially confirmed the rollout of its crypto features, the move signals a broader trend of financial platforms expanding their offerings to include digital currencies. As the lines between traditional finance and digital assets continue to blur, companies like OnePay are at the forefront of shaping the future of money management.
For now, all eyes are on OnePay as it prepares to launch its crypto trading and custody services. If successful, this initiative could not only enhance the app’s appeal but also cement its position as a leader in the ever-evolving digital finance arena. As the year draws to a close, users and industry watchers alike will be eagerly anticipating the impact of this bold new chapter for OnePay.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
