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

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

Financial expertise firm MoneyLion added cryptocurrency providers to its built-in monetary service utility earlier than its public itemizing, permitting its purchasers to freely purchase and promote Bitcoin (BTC) and Ethereum (ETH).

MoneyLion revealed that this characteristic could be formally launched on October 5.

To promote and commemorate this cryptocurrency service, MoneyLion has arrange a cryptocurrency prize pool with a complete worth of $1 million. Any new and common prospects who be a part of this service between September 16 and October 5 can take part on this prize pool.

“At the end of the promotional period, the entire pool funds will be equally distributed to all registrants,” stated by MoneyLion in keeping with the press release by Globe Newswire.

MoneyLion CEO and co-founder Dee Choubey stated on Monday that becoming a member of the “emerging asset class” resembling cryptocurrency is a complement to monetary services, and believes that it’s a cheap extension of the present MoneyLion utility, 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 extra cryptocurrencies for buying and selling on its platform shortly.

MoneyLion acknowledged that the platform won’t cost transaction charges however will earn the trade charges by way of changing cryptocurrencies and U.S. {dollars} whereas permitting prospects to make use of Bitcoin to buy their debit playing cards.

Founded in 2013, MoneyLion is a cell banking and monetary membership platform. It will merge with Fusion Acquisition Corp by way of a Special Purpose Acquisition Corporation(SPAC) on September 22 and formally land on the New York Stock Exchange underneath the inventory code of “ML”.

MoneyLion is estimated to worth at $2.9 billion on this itemizing, and it’ll compete and develop collectively with well-known monetary expertise firms SoFi, Robinhood and Square’s Cash App.

Image supply: Shutterstock

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