Bitcoin News Today: Walmart's OnePay: Crypto Meets Mainstream via Retail Giant's 150M-Shopper Network
Walmart-owned OnePay is set to launch BitcoinBTC-- and EthereumETH-- trading and custody services on its mobile app later this year, according to multiple reports. The fintech venture, backed by WalmartWMT-- and Ribbit Capital, plans to integrate the services through a partnership with crypto infrastructure provider Zero Hash LLC. This move positions OnePay as a major player in the crypto space, leveraging Walmart's retail network to bridge digital assets with everyday commerce[1].
The new feature will allow users to buy, hold, and convert Bitcoin and Ethereum into fiat currency for use at Walmart stores or to settle card balances. Zero Hash will handle custody of the assets, though users should note that the services are not FDIC- or SIPC-insured and may vary by state[1]. The initiative aligns with OnePay's broader strategy to become a "superapp," offering a suite of financial tools including savings accounts, BNPL loans, and wireless plans[2].
The partnership with Zero Hash, a firm that recently raised $104 million in funding[2], underscores the growing institutional interest in crypto infrastructure. Zero Hash's role includes providing secure custody and trading capabilities, enabling OnePay to enter the market without building technology from scratch[2]. This collaboration mirrors trends seen in the broader financial sector, where major banks like Morgan Stanley are also expanding crypto offerings[2].
OnePay's entry into crypto is expected to intensify competition with existing platforms like Coinbase and Robinhood. Its unique advantage lies in Walmart's retail ecosystem, which reaches 150 million weekly U.S. shoppers[3]. Analysts suggest this could accelerate mainstream adoption by making crypto a practical tool for daily transactions rather than just speculative investment[1]. The app, already ranked No. 5 in Apple's App Store for finance apps[2], may attract users hesitant to engage with dedicated crypto exchanges.
Regulatory scrutiny is likely to follow, given the lack of consumer protections for crypto assets. OnePay will need to navigate complex frameworks, including Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements[1]. The move also highlights the need for harmonized global regulations, as corporations increasingly integrate digital assets into their operations[1].
Looking ahead, OnePay's crypto venture could expand to include more cryptocurrencies and stablecoins, potentially even a Walmart-pegged stablecoin to reduce transaction fees[1]. Walmart may also explore blockchain applications in supply chain management, aligning with its goal to become a full-service financial hub[5]. Meanwhile, competitors like Amazon and Target could face pressure to develop similar integrated services to retain customers[1].
The timing of OnePay's launch coincides with a broader bull market for cryptocurrencies. Bitcoin and Ethereum have seen price increases following the announcement, though analysts caution that volatility remains a risk. Institutional adoption, including inflows into Bitcoin ETFs and regulatory developments like the GENIUS Act, further supports the market's upward trajectory. However, challenges such as cybersecurity threats and regulatory uncertainty persist[1].
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