OnePay, the fintech app majority owned by Walmart, is planning to launch crypto services, according to a CNBC report. Sources said the company is planning to introduce bitcoin and ether trading and custody later this year. While there are no specifics on the timeframe, the launch is likely imminent as Ledger Insights found a OnePay web page disclosing the terms of its crypto partner ZeroHash. The page has since been removed.
ZeroHash recently raised a $104 million funding round. The crypto startup is the partner for Morgan Stanley’s E-Trade upcoming digital assets offering, as well as Interactive Brokers’ crypto service. Other partners include Stripe, BlackRock’s BUIDL Fund and Franklin Templeton.
Meanwhile, OnePay is becoming a multifunction wallet app including providing a rewards card that gives 3% cash back at Walmart stores or 5% for Walmart+ members. It also offers buy now pay later services. Other than Walmart, the company is backed by Ribbit Capital, which is a major investor in Robinhood. Ribbit stepped in to help Robinhood with funding when the company faced a cash crunch following the meme stock craze driven by Reddit’s WallStreetBets. OnePay could increasingly compete with Robinhood given its planned crypto and stock offerings.
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