Walmart’s majority-owned banking app, OnePay, is set to introduce cryptocurrency trading features for Bitcoin (BTC) and Ether (ETH) later this year, according to a report by CNBC.

OnePay aims to become a superapp in the US, reminiscent of China’s WeChat, which merges various services including banking, payments, and social media. The app currently offers high-yield savings accounts and other banking services.

WeChat, a leading superapp in China, allows its users to communicate, transact, and engage in numerous activities within a single platform. This model appeals to numerous Western firms seeking to replicate its success.

As of the report’s publication, OnePay had not commented on the situation.

The Search for a Western Superapp

Several companies have shown interest in developing a superapp similar to WeChat, but none have succeeded so far, although the landscape seems favorable for OnePay.

US SEC Chairman Paul Atkins has backed multifunctional platforms under a cohesive regulatory structure, suggesting that regulators should enforce merely the essential regulations to protect investors.

Intensifying Competition for Superapps

Atkins’s statements have sparked interest; in late September, Coinbase CEO Brian Armstrong revealed plans for a crypto superapp, and South Korean fintech, Toss, intends to launch a financial superapp in Australia following regulatory approval. Moreover, Elon Musk’s platform X is also working on a superapp enhanced with artificial intelligence.