MoneyLion, an American fintech company, has successfully established an initial crypto services functionality that enables Ethereum and Bitcoin clients to trade within the application.
In a September 13 press release, MoneyLion confirmed the official launch of a new crypto service that enables clients to buy and sell Bitcoin (BTC) and Ethereum (ETH) within its all-in-one app.
The fintech firm maintained that the crypto service functionality for the two leading digital assets is an initial process, with the U.S. mobile financial technology company aiming to include more digital assets in the future.
While speaking during the official launch, Dee Choubey, co-founder and CEO of MoneyLion, described the digital currency market as an important emerging sector. Additionally, the top executive explained that with the new service on Bitcoin and Ethereum, customers will now be able to round up their debit cards purchases in Bitcoin:
“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.”
The announcement also confirmed a $1milion crypto craze offer that would be incentivized to early adopters of the new crypto service. Every client who signs for a MoneyLion cryptocurrency account between September 16 and October 5, 2021, will get a 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 over 8.5 million clients.
The company recently confirmed its plans to go public through the Special Purpose Acquisition Company (SPAC) or Fusion Acquisition Corp (FAC) on September 22. Upon success, MoneyLion will join the giant fintech firm Robinhood which got listed on Nasdaq in early August.
MoneyLion reportedly appears to be following Robinhood’s footprints. In a relatively light contrast, Robinhood also serves more than 8.5 million clients, with the tech firm offering crypto trading opportunities to its clients a while back.
A few days ago, Robinhood introduced a new recurring investment feature to encourage long-term holdings while reducing the impact of market volatility.
Robinhood’s new service dubbed “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.
Although Robinhood did not disclose the exact cryptocurrencies incorporated in the new service, speculation confirms that Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) would be among the supported ones.
In the meantime, expectations surround Robinhood’s future advancements, with speculation stating that the mobile tech firm will in the future establish a similar service to its 8.5 million clients.