In brief
- OnePay, a fintech firm owned by Walmart, is reportedly adding crypto trading and custody to its mobile app.
- The platform was developed in 2021 via a collaboration between Walmart and investment firm Ribbit Capital.
- The OnePay app has jumped inside the top 5 among free finance apps in both the Apple and Google Play app stores.
OnePay, a financial technology firm owned by retail giant Walmart, is reportedly adding Bitcoin and Ethereum trading to its mobile app, sources familiar with the matter told CNBC.
The firm is said to be working with stablecoin and crypto infrastructure startup Zerohash to implement custodying and trading solutions into its mobile banking application later this year.
“The move means that crypto is increasingly seen as a core offering that exists alongside traditional banking services like savings accounts, credit cards, and wealth management,” said CNBC reporter Hugh Son on the network’s Squawk on the Street show.
OnePay was developed in 2021 via a strategic partnership between Walmart and investment firm Ribbit Capital with the goal of delivering “modern, innovative and affordable financial solutions,” to its users.
Its mobile banking app currently offers features like a digital wallet with Walmart rewards, a high-yield savings account, and a debit card. Specific details about what crypto features it may offer, beyond trading and holding select assets, are not available.
A representative for Zerohash declined to comment. The infrastructure firm rumored to be powering OnePay’s crypto initiatives recently announced a $104 million raise led by brokerage firm Interactive Brokers. The raise pushed the firm’s valuation to $1 billion.
Initially released to app stores as early as 2020, OnePay’s mobile banking application has shot up the app popularity charts in both Apple and Google Play stores, jumping at least 50 spots in each store over the last month in overall app rankings—now ranked at #58 and #73, respectively. It currently ranks inside the top 5 mobile applications in the finance category in both stores.
The app’s potential move into crypto isn’t the first time that Walmart has been connected to the space this year. In June a report from The Wall Street Journal indicated that the Arkansas-based retailer was considering the introduction of its own stablecoin.
That headline was later denounced by consumer advocate and noted crypto skeptic senator, Elizabeth Warren.
Representatives for OnePay nor Walmart immediately responded to Decrypt’s request for comment.
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