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

OnePay, a banking app majority-owned by Walmart, will quickly roll out crypto assist, in accordance to CNBC.

In accordance to 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 assist 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 provides 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, procuring, and numerous mini apps right into a single platform. This app, which many Western corporations try to emulate, permits customers to chat, pay payments, order meals, guide journey and extra.

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 underneath one regulatory framework.

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

“I consider regulators ought to present the minimal efficient dose of regulation wanted to defend buyers, 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 superapp, 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 difficulty a Korean received stablecoin as soon as regulatory approval is granted. Returning to the US, Elon Musk’s social media behemoth X has lengthy been engaged on an artificial intelligence-enhanced superapp.