MoneyLion to Enable Bitcoin and Ethereum Trading on its Platform

The US-based financial technology company MoneyLion has integrated cryptocurrency trading into its all-in application, with the company also rewarding users who adopt the new crypto service.

MoneyLion Introduces New Crypto Offering

According to a press release on Monday (September 13, 2021), MoneyLion will allow customers to buy and sell bitcoin and ether within the platform. While the company is starting with the two largest crypto assets by market capitalization, there are plans to expand the number of cryptocurrencies available for trading.

Speaking on the latest development, the co-founder and CEO of MoneyLion, Dee Choubey, said that the firm is committed to providing its users with better financial access, which includes exposure to the dynamic cryptocurrency market. In addition to crypto trading, customers can also round up their debit card purchases in BTC.

Further talking about the latest crypto service, the MoneyLion CEO said:

“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.”

Choubey added:

“Offering this emerging asset class is a natural addition to our existing savings and investing 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.”

MoneyLion also has a $1 million crypto prize pool which would be used to reward users who sign up for the MoneyLion Crypto between September 15 and October 5, 2021. Only users who fulfill the requirement within the period will get a chance to be part of the prize pool. After the promotional period, users who registered on the company’s crypto account will get an equal share of the total prize pool.

MoneyLion’s new cryptocurrency trading service will be available to eligible US customers outside of New York and Hawaii from October 5, 2021. Meanwhile, the company is also looking to go public through Acquisition Corp, a special acquisition company (SPAC), on September 22, 2021.

Cryptocurrency Industry Continues to Witness Increased Mainstream Adoption

MoneyLion has become the latest company to adopt cryptocurrency. Despite the volatile nature of the market, more institutions continue to embrace crypto.

Back in June, the CEO of investment platform Betterment, Sarah Levy, revealed that the company was considering offering cryptocurrency services to its clients. Levy stated that the integration of crypto would help the company diversify its portfolio holdings.

Online payments giant PayPal also made headlines back in October 2020, following the announcement that its US account holders can buy, sell, and hold cryptocurrency directly on its network. Later in August 2021, the company extended the crypto service to customers in the UK.

Swiss fintech company Leonteq collaborated with Frankfurt-based securities trading bank ICF BANK, to offer an array of digital assets to German and Austrian investors, after offering its cryptocurrency services in Switzerland. Some of the crypto assets include Bitcoin, Ether, Bitcoin Cash, Litecoin, Ethereum Classic, Cardano, among others.

There have also been a growing number of companies accepting crypto payments for goods and services. In July, smart products online retailer Wellbots announced that the users can pay with six crypto assets including BTC, ETH, and BCH for its products.

US convenience store chain Sheetz, also revealed that it would enable customers to make payments using bitcoin, dogecoin, ether, and litecoin. The World’s largest movie theatre chain, AMC Theatres said it was planning to accept BTC payment for movie tickets by the end of 2021.

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