MoneyLion, an American fintech company, announced it would enable users to trade digital assets using its all-in-one financial service app. It is planned to add other cryptocurrencies to the offering in the future, as initially, the firm is only offering Bitcoin and Ethereum. The firm allowed them to buy and sell Bitcoin (BTC) and Ethereum (ETH) within its all-in-one app. Adding the two leading digital assets is only an initial process as MoneyLion plans to include numerous other cryptocurrencies.
MoneyLion on board the Crypto Trend
Founder and CEO Dee Choubey hails digital currencies as an emerging market. According to him, the new service is mainly geared towards Bitcoin since customers can round up their debit card purchases in the primary cryptocurrency. “We view the new cryptocurrency offering as an important part of the MoneyLion platform, which includes banking, lending & investing solutions along with tools to help our customers better manage their finances, all in one app.”
“Offering this emerging asset class is a natural addition to our existing savings and investment products and supports our goal of providing customers with access to a variety of asset classes, along with the tools and education they are looking for to feel confident in their financial decisions,” he added.
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MoneyLion is going public via the special purpose acquisition company (SPAC), Fusion Acquisition Corp., in a deal that values MoneyLion at an estimated $2.9 billion. Also, early adopters are eligible for a $1,000,000 prize pool for their Cryptocurrency. Every client who signs up for a MoneyLion Crypto account between September 16 and October 5, 2021, will get the chance to win part of the award. Since its launch in 2013, MoneyLion number of users has grown to 8.5 million clients.