Fintech MoneyLion Adds Crypto Trading with $1M Prize Before IPO

Financial technology company MoneyLion added cryptocurrency services to its integrated financial service application before its public listing, allowing its clients to freely buy and sell Bitcoin (BTC) and Ethereum (ETH).

MoneyLion revealed that this feature would be officially launched on October 5.

To promote and commemorate this cryptocurrency service, MoneyLion has set up a cryptocurrency prize pool with a total value of $1 million. Any new and regular customers who join this service between September 16 and October 5 can participate in this prize pool.

"At the end of the promotional period, the entire pool funds will be equally distributed to all registrants," said by MoneyLion according to the press release by Globe Newswire.

MoneyLion CEO and co-founder Dee Choubey said on Monday that joining the "emerging asset class" such as cryptocurrency is a supplement to financial products and services, and believes that it is a reasonable extension of the current MoneyLion application, stating that:

"We view the new cryptocurrency offering as an important part of the MoneyLion platform, which includes banking, lending and investing solutions along with tools to help our customers better manage their finances, all in one app."

Reportedly, MoneyLion will add additional cryptocurrencies for trading on its platform shortly.

MoneyLion stated that the platform will not charge transaction fees but will earn the exchange rates through converting cryptocurrencies and U.S. dollars while allowing customers to use Bitcoin to purchase their debit cards.

Founded in 2013, MoneyLion is a mobile banking and financial membership platform. It will merge with Fusion Acquisition Corp through a Special Purpose Acquisition Corporation(SPAC) on September 22 and officially land on the New York Stock Exchange under the stock code of “ML”.

MoneyLion is estimated to value at $2.9 billion in this listing, and it will compete and grow together with well-known financial technology companies SoFi, Robinhood and Square's Cash App.

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