4 days ago
OnePay — a banking app majority-owned by Walmart — volition soon rotation retired crypto support, according to CNBC.
According to a Friday CNBC report citing anonymous sources, OnePay volition soon connection cryptocurrency trading and custody to its users. The app is expected to enactment Bitcoin (BTC) and Ether (ETH) aboriginal this year.
OnePay has positioned itself arsenic a US mentation of a “superapp,” modeled aft China’s WeChat. The level already offers banking services including high-yield savings accounts, recognition and debit cards, loans and wireless plans.
WeChat is China’s all-in-one “superapp,” combining messaging, societal media, payments, shopping, and countless mini apps into a azygous platform. This app — which galore Western companies are trying to emulate — allows users to chat, wage bills, bid food, publication question and more, each wrong the app.
OnePay had not answered Cointelegraph’s petition for remark by publication.
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The quest for a Western superapp
While aggregate companies person expressed involvement successful gathering a superapp similar WeChat, truthful far, nary 1 has successfully created one. The timing whitethorn favour OnePay.
Earlier this month, US Securities and Exchange Commission Chairman Paul Atkins expressed enactment for platforms offering aggregate fiscal services nether 1 regulatory framework.
The regulator’s updated strategy includes allowing platforms to run arsenic “super-apps” that tin facilitate trading, lending and staking of integer assets nether 1 regulatory umbrella.
“I judge regulators should supply the minimum effectual dose of regularisation needed to support investors, and nary more,” Atkins said astatine the time.
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The contention for the superapp heats up
Atkins’ comments person not fallen connected deaf ears. In precocious September, Coinbase CEO Brian Armstrong outlined plans to physique a crypto ace app, offering recognition cards, payments and Bitcoin rewards to rival accepted banks.
Earlier successful September, South Korean fintech unicorn Toss announced plans to motorboat a concern superapp successful Australia this twelvemonth and contented a Korean won stablecoin erstwhile regulatory support is granted. Returning to the US, Elon Musk’s societal media behemoth X has besides agelong been moving connected its ain artificial intelligence-enhanced superapp.
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