Walmart-Backed OnePay Plans Bitcoin, Ethereum Trading And Custody This Year With Zerohash: Report

Walmart (WMT)-backed fintech OnePay is reportedly preparing to introduce cryptocurrency trading and custody on its mobile platform later this year.

According to a CNBC report, the app will initially support Bitcoin (BTC) and Ethereum (ETH). The offering will be powered through a partnership with crypto infrastructure provider Zerohash, people familiar with the matter said. Just last week, Zerohash completed a $104 million funding round led by Interactive Brokers (IBKR) and featuring participation from other prominent financial institutions, including Morgan Stanley (MS), SoFi Technologies (SOFI), and Apollo Global Management (APO).

Walmart’s stock edged 0.4% after market open on Friday, with retail sentiment on Stocktwits trending in ‘bearish’ territory over the past day. 

OnePay, which was founded by Walmart and venture firm Ribbit Capital in 2021, is attempting to become a ‘super app’ for users akin to China’s WeChat or Alipay, the report said. It added that the integration is likely to allow users to convert their crypto holdings into cash for spending at Walmart stores or for paying card balances. 

OnePay’s “everything app” model already combines banking, lending, card, and wireless services. The addition of crypto trading and custody will further expand its suite of financial services.

The move reflects the broader shift in the financial sector under the crypto-friendly Trump administration. Institutional demand is expected to play a larger role in the market, said Geoff Kendrick, Standard Chartered’s Global Head of Digital Assets Research, forecasting that Bitcoin’s price is likely to hit a fresh record high in a week and could climb as high as $135,000.

At the time of writing, Bitcoin’s price was trading above $120,400, up 1% in the last 24 hours. Retail sentiment on Stocktwits around the apex cryptocurrency improved to ‘extremely bullish’ from ‘bullish’ a day ago amid ‘high’ levels of chatter. 

Meanwhile, Ethereum’s price outperformed Bitcoin, gaining 2.4% in the last 24 hours. The second-largest altcoin by market capitalisation was trading just under $4,500 at the time of writing. Retail sentiment around the token remained in ‘neutral’ territory over the past day. 

Read also: BNB Leads Altcoin Gains With New All-Time High As Bitcoin Tops $102K In ‘Uptober’ Rally

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