Walmart-Owned Bank App OnePay to Add Crypto Support: Report

OnePay — a banking app majority-owned by Walmart — will quickly roll out crypto help, in line with CNBC.

In keeping with a Friday CNBC report citing nameless sources, OnePay will quickly provide cryptocurrency buying and selling and custody to its customers. The app is predicted to help Bitcoin (BTC) and Ether (ETH) later this yr.

OnePay has positioned itself as a US model of a “superapp,” modeled after China’s WeChat. The platform already presents banking providers together with high-yield financial savings accounts, credit score and debit playing cards, loans and wi-fi plans.

WeChat is China’s all-in-one “superapp,” combining messaging, social media, funds, buying, and numerous mini apps right into a single platform. This app — which many Western corporations try to emulate — permits customers to speak, pay payments, order meals, e book journey and extra, all throughout the app.

OnePay had not answered Cointelegraph’s request for remark by publication.

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The hunt for a Western superapp

Whereas a number of corporations have expressed curiosity in constructing a superapp like WeChat, to date, nobody has efficiently created one. The timing might favor OnePay.

Earlier this month, US Securities and Alternate Fee Chairman Paul Atkins expressed support for platforms providing a number of monetary providers below one regulatory framework.

The regulator’s up to date technique contains permitting platforms to function as “super-apps” that may facilitate buying and selling, lending and staking of digital property below one regulatory umbrella.

“I imagine regulators ought to present the minimal efficient dose of regulation wanted to guard traders, and no extra,” Atkins mentioned on the time.

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The race for the superapp heats up

Atkins’ feedback haven’t fallen on deaf ears. In late September, Coinbase CEO Brian Armstrong outlined plans to build a crypto super app, providing bank cards, funds and Bitcoin rewards to rival conventional banks.

Earlier in September, South Korean fintech unicorn Toss announced plans to launch a finance superapp in Australia this yr and situation a Korean gained stablecoin as soon as regulatory approval is granted. Returning to the US, Elon Musk’s social media behemoth X has additionally lengthy been working by itself artificial intelligence-enhanced superapp.