Walmart’s OnePay App to Add Bitcoin and Ethereum Trading

OnePay, the financial technology firm developed through Walmart’s 2021 strategic partnership with investment firm Ribbit Capital, is working with crypto infrastructure startup Zerohash to implement Bitcoin and Ethereum trading and custody solutions into its mobile banking application later this year. This collaboration follows Zerohash’s recent $104 million funding round led by brokerage firm Interactive Brokers, which pushed the infrastructure firm’s valuation to $1 billion. The partnership represents a calculated move by Walmart to position OnePay at the intersection of traditional finance and emerging digital asset services.

The integration marks a significant evolution for OnePay, which currently offers conventional financial features including a digital wallet with Walmart rewards, a high-yield savings account, and a debit card. According to CNBC reporter Hugh Son, who broke the story on the network’s Squawk on the Street show, ‘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.’ This development underscores the growing institutional acceptance of cryptocurrency as complementary rather than competitive to established financial products.

OnePay’s mobile banking application has demonstrated remarkable growth in user adoption, jumping at least 50 spots in both Apple and Google Play store rankings over the last month. The app now ranks at #58 overall in the Apple App Store and #73 in Google Play, while securing positions inside the top 5 mobile applications in the finance category across both platforms. This surge in popularity reflects growing consumer interest in integrated financial platforms that combine traditional banking with modern digital capabilities.

The platform’s rapid ascent in app store rankings comes just two years after its 2021 development through the Walmart-Ribbit Capital partnership, which aimed to deliver ‘modern, innovative and affordable financial solutions’ to users. The app’s current positioning as a top finance application suggests strong market readiness for the planned cryptocurrency integration, potentially giving Walmart a significant advantage in the emerging retail crypto space.

OnePay’s potential move into cryptocurrency trading isn’t Walmart’s first exploration of digital assets this year. In June, The Wall Street Journal reported that the Arkansas-based retail giant was considering the introduction of its own stablecoin, though that initiative faced criticism from consumer advocate and noted crypto skeptic Senator Elizabeth Warren. The dual approach—exploring both a proprietary stablecoin and third-party crypto trading through OnePay—suggests a comprehensive digital asset strategy from the world’s largest retailer.

The regulatory landscape remains complex, as evidenced by Senator Warren’s previous criticism of Walmart’s stablecoin considerations. However, the Zerohash partnership provides OnePay with established infrastructure and compliance frameworks, potentially mitigating regulatory concerns while enabling rapid market entry. The collaboration with a recently-funded, billion-dollar valuation infrastructure provider demonstrates Walmart’s preference for working with specialized partners rather than building crypto capabilities entirely in-house.

As specific details about OnePay’s crypto features beyond Bitcoin and Ethereum trading remain undisclosed, and representatives for both OnePay and Walmart have declined to comment on the reports, the market awaits further clarification on the scope and timing of these cryptocurrency initiatives. What remains clear is that Walmart, through OnePay, is positioning itself at the forefront of integrating cryptocurrency services into mainstream retail financial platforms.