OnePay is adding Bitcoin and Ethereum trading to its application.

Walmart-Backed OnePay to Add Cryptocurrency Trading

Walmart-backed financial technology company OnePay plans to add cryptocurrency trading and custody services to its app by the end of the year.

This new service will allow users to buy and sell Bitcoin and Ethereum. The cryptocurrency infrastructure will be provided by Zerohash, based in Chicago. CNBC reports this based on sources. Although OnePay has not officially confirmed this plan, the move will position it similarly to competitors such as Venmo, Cash App, and PayPal.

Founded in 2021 by Walmart and venture firm Ribbit Capital, OnePay aims to create an 'everything app' for digital financial services. Its existing offerings include high-yield savings accounts, debit cards, credit cards, and peer-to-peer payments. By adding cryptocurrency, OnePay anticipates that many of its users will want to spend, save, or transfer crypto on its platform, considering that they frequently shop at Walmart’s approximately 4,600 U.S. stores.

While OnePay has a close relationship with Walmart, the app operates as a separate entity. This aims to reach a broader audience, especially American users who may not receive adequate services from traditional banks. Last month, Zerohash raised $104 million to expand its crypto services for banks and financial technology companies. Among the investors are Morgan Stanley and Interactive Brokers.