OnePay: Walmart’s Big Bet on Crypto Trading and Custody

Summary

OnePay, Walmart’s fintech-backed digital wallet, is gearing up to make a significant leap into the crypto world. Later in 2025, it plans to offer crypto trading and custody services, starting with support for Bitcoin and Ethereum. This move positions OnePay not just as a payments tool, but as a full-fledged crypto-enabled financial platform for millions of Walmart users.

By integrating crypto capabilities, Walmart is signaling that digital assets are no longer niche experiments — they’re becoming core parts of consumer finance. In this article, we’ll explore OnePay’s strategic shift, how trading and custody may work, the risks and opportunities, and what this means for the broader crypto adoption curve.

OnePay’s Crypto Ambition

OnePay launched in 2021, backed by Walmart and Ribbit Capital, to bring digital banking services — such as “buy now, pay later”, cards, and credit building — directly into the Walmart ecosystem. The new crypto features will expand its footprint further into the future of finance.

Rather than competing only in payments and credit, OnePay now aims to become a “super app” — a single platform where users can bank, shop, pay, and now hold and trade crypto. This move parallels efforts by other fintech and crypto platforms, but with Walmart’s massive user base, OnePay has a unique distribution advantage.

What Crypto Trading & Custody in OnePay Likely Look Like

OnePay’s trading and custody feature will be powered by a partnership with Zerohash, a crypto infrastructure provider. Zerohash will provide the backend rails — enabling secure trading, custody, and operational support.

Here’s how OnePay’s service might be structured:

Asset Support: Initially, Bitcoin (BTC) and Ethereum (ETH) are expected to be available, with possible expansion to other major tokens.
Custody Model: OnePay likely will not hold the private keys directly. Instead, custody will be managed via Zerohash or a trusted institutional custodian.
User Experience: Integration into the existing OnePay app means users could buy, sell, and hold crypto seamlessly — same interface, minimal friction.
Spending Integration: Users may have the ability to convert crypto into fiat to spend at Walmart stores or pay card balances, creating a fluid bridge between digital assets and everyday payments.

With this setup, OnePay wants to make crypto functionality feel as natural as topping up a card or paying a bill.

Why This Strategy Matters

Walmart’s push into crypto through OnePay has several strategic implications:

Mass Market Exposure
Walmart has access to millions of users who may not currently participate in crypto. OnePay’s move could onboard a fresh wave of retail investors.
Mainstreaming Crypto Use
By embedding crypto into a common wallet app, OnePay lowers the barriers to entry — from purchasing to holding to spending.
Revenue Diversification
Crypto trading and custody offer higher-margin opportunities than retail goods. For Walmart, it’s a chance to increase lifetime value per user.
Competitive Pressure
This ramps up competition with players like PayPal, Cash App, Coinbase, and other platforms already supporting crypto buying and selling.
Ecosystem Leverage
If OnePay can tie crypto services to Walmart benefits (e.g. rewards, discounts), it could accelerate adoption and locking in users.

Challenges & Risks

While the opportunity is real, OnePay will face a number of challenges in rolling out crypto trading and custody:

Regulatory Hurdles
Crypto operates under heavy regulatory scrutiny. Money transmission licenses, KYC/AML compliance, and state-level regulations are complex and vary widely.
Custody Security & Trust
Many users worry about the safety of their digital assets. Establishing strong, transparent custody protocols is crucial to adoption.
Volatility & User Risk
Crypto is volatile. Users entering with little experience could face losses, which might create reputational problems for Walmart.
Integration Complexity
Seamlessly integrating trading, custody, and conversion into existing Walmart systems (payments, card services, etc.) is nontrivial.
Competition and Differentiation
There are many platforms already offering crypto services. Walmart’s payment service must deliver a unique value proposition beyond ease of access.

Use Cases & User Benefits

For OnePay users, crypto adoption could bring tangible benefits:

Simplified on-ramping: Users don’t need to go to external exchanges — they can start within the Walmart/OnePay ecosystem.
Spending flexibility: Crypto holdings could be converted to fiat instantly for use in Walmart, making it practical for everyday purchases.
Unified experience: Managing banking, payments, credit, and crypto from a single app reduces friction and cognitive overhead.
Reward synergies: Walmart may tie crypto features into loyalty programs, giving users additional incentives.

These features could shift crypto from an “investment-only” niche to an integrated financial tool.

Broader Implications for Crypto Adoption

OnePay’s move can catalyze further mainstream adoption. If large retail platforms like Walmart integrate crypto, it normalizes digital assets in daily life.

We may see:

More retailer crypto integrations
Other major chains could follow suit, embedding crypto wallets, payments, or trading features into their platforms.
Embedded finance shifts
Trusted brands become gateways into crypto and finance, not just exchanges.
Regulatory acceleration
High-profile players entering crypto may push regulators to clarify rules, which could reduce uncertainty for the industry.
New consumer behavior
As consumers expect crypto interoperability with retail, payment and wallet design will evolve accordingly.

Conclusion

The news that OnePay will add crypto trading and custody is a milestone in connecting mainstream retail with digital asset ecosystems. Walmart’s access to a vast user base gives it an edge few in crypto can rival.

However, execution matters. Compliance, user trust, security, and seamless integration will define whether this becomes a successful entry or just another crypto experiment. If done right, Walmart’s payment service could help usher in a new chapter of mass crypto adoption — bringing digital assets into daily life for millions.