The American fintech company – MoneyLion – announced it would enable users to trade digital assets via its all-in-one financial services application. While initially clients would be able to operate only with Bitcoin and Ethereum, the firm intends to add more cryptocurrencies to the offering in the future.
According to a recent press release, the US mobile financial technology company – MoneyLion – launched a new cryptocurrency service to its customers. 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.
Dee Choubey – co-founder and CEO of the fintech company – praised the digital currency market as an emerging industry. He explained that the new service is mainly pointed towards Bitcoin as customers would be able to 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.
In addition, the company offers a $1,000,000 Crypto Prize Pool to early adopters of the new service. 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.
Founded in 2013, MoneyLion is a New York-based mobile banking and financial membership platform that offers lending, monetary advisory, and investment services to more than 8.5 million clients.
It is worth noting that the company plans to go public through the special purpose acquisition company, or SPAC, Fusion Acquisition Corp. on September 22. If successful, MoneyLion would join the giant fintech firm Robinhood, which got listed on the Nasdaq at the beginning of last month.
Speaking of the California-based financial services company, it also offered more cryptocurrency opportunities to its clients a while back. As CryptoPotato reported a few days ago, Robinhood even doubled down by releasing a recurring investment feature to encourage long-term holdings while reducing the impact of market volatility.
The service, termed Crypto Recurring Investments, will enable users to schedule purchases of their favorite cryptocurrencies in bits automatically and at regular intervals: on a daily, weekly, bi-weekly, or monthly basis.
While Robinhood did not disclose which cryptocurrency will incorporate into the service, it is expected that Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) would be among the supported ones.