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MoneyLion, a banking and investing app, has added crypto trading among the financial services it offers. The platform plans to provide eligible users with the opportunity to trade ETH and bitcoin and access debit card purchases in BTC.
The fintech company has been around for eight years. Later this month, it plans on going public on the New York Stock Exchange under the ticker ML.
Offering Crypto Services
Since its launch in 2013, MoneyLion has worked with over 7.5 million American citizens. It has established trust as a full-service digital platform. To take care of consumer demand and the changing financial system, MoneyLion is bringing onboard crypto services.
MoneyLion is sponsoring a Crypto Prize Pool to mark the launch of the new service. The pool is worth $1,000,000 and will offer a Bitcoin reward to early adopters. Both new and current members who sign up for a crypto account on the platform will automatically join the prize pool.
However, they must meet the eligibility requirements for registration from September 16 to October 5, 2021. The more people join in, the bigger the prize pool will grow. At the end of the stated period, the funds from the pool will be distributed to all who registered.
As per the announcement, the services are going live next month on October 5.
Strategic Investment in Zero Hash
To provide crypto-related services to its customers, MoneyLion has entered a partnership with Zero Hash. Zero Hash is a leading, regulated digital asset settlement provider.
The company will provide MoneyLion with the ability to power its crypto offering as part of its platform. Also, MoneyLion will have an ownership stake in the leading cryptocurrency liquidity.
Dee Choubey, MoneyLion co-founder and CEO, mentioned that the company wants to empower people with tools and education, crucial in the crypto market. In addition, she said that members would have a seamless and secure environment to own cryptocurrencies.
Edward Woodford, Zero Hash co-founder, and CEO, also commented on the partnership. He believes that the association is taking place at a critical time in the crypto market. The reason being that more people are adopting cryptocurrencies, driving them mainstream.
He added that they are looking forward to working with Money Lion to bring about the next-generation financial system.
Crypto Adoption at Large
MoneyLion is joining the growing group of fintech companies that are allowing users to buy and sell cryptocurrencies. Some of them are PayPal, Coinbase, and Etoro.
The United States populace has had a high appetite for digital assets for the past year. In a February survey, more than a quarter of the 30,000 participants said they were planning to invest in crypto this year.
In addition, MoneyLion carried out a members survey on crypto, and just the same enthusiasm for crypto has surfaced. From a study of more than 2,000 members, about 60% have already invested in cryptos. Of the remaining 40%, 77% are interested in investing in them over the next year.