What's Happening?
OnePay, a fintech firm majority-owned by Walmart, is set to introduce cryptocurrency trading and custody on its mobile app. This development will allow users to access bitcoin and ether, enhancing OnePay's offerings as it aims to become a comprehensive digital finance platform. Founded in 2021 by Walmart and Ribbit Capital, OnePay has been expanding its services to include banking options such as high-yield savings accounts, credit and debit cards, and buy now, pay later loans. The integration of cryptocurrency trading is facilitated by Zerohash, a startup specializing in crypto services. This move aligns with OnePay's strategy to evolve into an American super app, similar to international platforms like WeChat.
Why It's Important?
The introduction of cryptocurrency trading by OnePay signifies a growing trend among fintech companies to incorporate digital currencies into their service offerings. This move could potentially increase the adoption of cryptocurrencies among mainstream consumers, given Walmart's extensive customer base. By providing a platform for cryptocurrency transactions, OnePay is positioning itself as a leader in the digital finance sector, potentially attracting users who are interested in both traditional banking services and modern financial technologies. This development may also influence other financial institutions to consider similar integrations, thereby expanding the cryptocurrency market in the U.S.
What's Next?
As OnePay rolls out its cryptocurrency trading feature, it is likely to attract attention from both consumers and competitors. The success of this initiative could lead to further expansion of cryptocurrency services within the app, possibly including additional digital currencies or related financial products. Stakeholders such as banks and fintech companies may monitor OnePay's progress to assess the viability of similar offerings. Additionally, regulatory bodies may scrutinize the integration to ensure compliance with financial regulations, potentially influencing future policy decisions regarding cryptocurrency trading.
