OnePay Partners with Zerohash to Introduce Crypto Trading and Custody Features
OnePay, the fast-rising finance app, is set to introduce crypto trading and custody features, partnering with Zerohash. This comes as the U.S. government relaxes its stance on cryptocurrency, allowing platforms to offer multiple services within a single framework.
The partnership, though unconfirmed by either party, will enable OnePay users to buy, sell, and hold Bitcoin and Ethereum directly in the app. They can also convert their crypto holdings into cash for Walmart purchases or to pay off credit card balances.
OnePay, currently ranked number 5 in the Apple Store for free finance apps, offers a wide range of services including high-yield savings accounts, credit and debit cards, buy now-pay-later loans, and wireless plans. It aims to become an 'everything app' for money management. The app's popularity has grown rapidly, climbing ahead of competitors like JPMorgan Chase and Robinhood.
Zerohash, the crypto infrastructure company handling trading and custody features for OnePay, raised $104 million in a financing round led by Interactive Brokers. Morgan Stanley and other financial institutions also participated. This round valued Zerohash at $1 billion.
OnePay's separate structure from Walmart allows it to serve a broader audience, targeting Americans who lack access to traditional banking services. However, crypto features will not be available in all states and will not carry FDIC or SIPC insurance protection.
The partnership between OnePay and Zerohash, if confirmed, will expand OnePay's offerings, allowing users to manage their cryptocurrency directly within the app. This move aligns with the U.S. government's changing stance on cryptocurrency, enabling platforms to operate as 'super-apps'. Despite the lack of official confirmation, the potential integration of crypto features on OnePay is a significant development in the fintech landscape.
Read also:
- Amazon Halts Drone Deliveries After Arizona Crashes
- US Energy Transition: Coal Plants Struggle, States Push Renewables
- Musk threatens Apple with litigation amidst increasing conflict surrounding Altman's OpenAI endeavor
- U.S. Army Europe & Africa Bolsters Regional Security with Enhanced Partnerships & Deterrence
