Walmart’s OnePay is reportedly planning to offer cryptocurrency trading and custody services on its mobile app.

Founded by Walmart and venture capital firm Ribbit Capital in 2021, OnePay is a financial platform and credit card programme developed in collaboration with Synchrony and Mastercard.

The app integrates various financial services into a single app including high-yield savings accounts, BNPL loans, digital wallets and debit and credit cards.CNBC reported that OnePay, whose majority shareholder is Walmart, will offer customers access to bitcoin and ethereum by the end of the year, with the help of crypto infrastructure company Zerohash, citing sources familiar with the matter.

The new service will enable users to sell and hold bitcoin and ethereum directly in the app, allowing them to crypto into dollars to make purchases at Walmart or pay down card balances.

The move comes as the company continues to develop its “app for everything”.

OnePay has surged to number five on Apple’s App store ranking for free finance apps, outperforming major players like JPMorgan Chase, Robinhood and Chime.

Payment platforms that precede OnePay on the list, including PayPal, Venmo and CashApp, already offer crypto.

The move signals continued growth of crypto adoption in the US following updates to the country’s crypto regulatory framework.

Earlier this year, the US passed the first major national cryptocurrency law aimed at establishing a clear regulatory framework for digital assets, marking a crucial moment for the cryptocurrency industry.

The law, called the Guiding and Establishing National Innovation for US Stablecoins (GENIUS Act), aims to provide clarity for issuers of stablecoins in the US and abroad, while ensuring consumer protection and combating money laundering.

The banking industry is also strengthening its crypto offerings.

In September, Morgan Stanley reportedly said it was set to offer cryptocurrency trading on E-Trade, an investment brokerage and electronic trading platform that operates as a subsidiary of the bank.

According to a report by Bloomberg, the initiative will also be supported by ZeroHash.

The partnership with ZeroHash, which is already collaborating with major financial institutions including Interactive Brokers, BlackRock's BUIDL Fund, Franklin Templeton and Stripe, will serve as the infrastructure backbone for Morgan Stanley's cryptocurrency trading plans including providing liquidity, custody and settlement services.

In Europe, Openbank, Grupo Santander’s fully digital bank, said in September it was expanding its product suite by enabling customers in Germany to trade leading cryptocurrencies, including Bitcoin, Ether, and Cardano, alongside their existing investments.

The bank stated at the time that the move would allow customers to buy, sell, or hold digital assets directly within their Openbank accounts, eliminating the need to transfer funds to external platforms.

It added that clients will benefit from the security and investor protection provided by Grupo Santander and the guarantees under the European Markets in Crypto-Assets Regulation (MiCA).

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