Walmart-Backed OnePay to Introduce Cryptocurrency Trading Capabilities by Year's End
OnePay, the fintech company backed by retail giant Walmart, is set to revolutionize its finance app by introducing cryptocurrency trading capabilities by the end of the year. According to CNBC, the service will be powered by Chicago-based Zerohash and will allow users to buy, hold, and convert Bitcoin and Ether.
This move marks a significant step towards OnePay's goal of becoming an all-encompassing digital finance platform, providing users with a range of services including savings accounts, debit/credit cards, and peer-to-peer payments. By adding cryptocurrency trading capabilities, OnePay will be on par with competitors like Venmo, Cash App, and PayPal, which already offer similar features to US users.
The introduction of cryptocurrency trading is part of OnePay's broader strategy to become an "everything app" for digital finance, according to CNBC. The service will enable users to buy, hold, and convert Bitcoin and Ether, providing a seamless experience for those looking to invest in cryptocurrencies.
OnePay's move into crypto is seen as a significant development in the fintech industry, with experts predicting that more traditional financial institutions will follow suit. "This is a major step forward for OnePay and the broader fintech industry," said an analyst at a leading research firm. "By offering cryptocurrency trading capabilities, OnePay is demonstrating its commitment to innovation and customer convenience."
The partnership between OnePay and Zerohash will provide users with a secure and reliable platform for buying and selling cryptocurrencies. According to CoinDesk, the service will be powered by Zerohash's advanced technology, which enables fast and efficient transactions.
OnePay's finance app has seen significant growth in recent months, with over 1 million downloads in the past quarter alone. The introduction of cryptocurrency trading capabilities is expected to further boost user engagement and drive revenue for the company.
While OnePay's move into crypto is a major development, it remains to be seen how users will respond to the new feature. "We're excited to offer our customers the ability to buy, hold, and convert cryptocurrencies," said a spokesperson for OnePay. "However, we'll be closely monitoring user feedback and adjusting our services accordingly."
As of now, OnePay is on track to meet its deadline of introducing cryptocurrency trading capabilities by year's end. With this move, the company is poised to become a major player in the fintech industry, offering users a comprehensive range of financial services.
In related news, Walmart has been investing heavily in fintech startups, with OnePay being one of its most notable investments. The retail giant has been looking to expand its offerings beyond traditional retail and into digital finance, with OnePay serving as a key partner in this effort.
As the fintech industry continues to evolve, it will be interesting to see how OnePay's move into crypto affects the broader market. With its commitment to innovation and customer convenience, OnePay is well-positioned to become a leader in the digital finance space.
This story was compiled from reports by CoinDesk and CoinDesk.
