MoneyLion Launches Crypto Investment Ahead of Planned PSPC Deal

[ad_1]

An illustration showing the cryptocurrency bitcoin with a price chart in the background.

STR | NurPhoto via Getty Images

MoneyLion banking and investing app adds crypto trading to its all-in-one financial services app.

The eight-year-old fintech company, which plans to go public later this month on the New York Stock Exchange under the symbol ML, will showcase bitcoin and ether buying and selling capabilities at its conference investors Monday morning, CEO Dee Choubey said. CNBC.

Choubey called the initial development a “start of the education process” for his consumers during “DeFi’s early days” and spoke of the potential to explore different yield products, crypto payment applications and NFT markets down the road.

“This is a very important first step if we believe the future of fintech is DeFi,” he told CNBC. “We will have created a segment of the population and exposed them to DeFi, so when it becomes more ubiquitous, they will be quite ready to take advantage of it.”

MoneyLion will not charge consumers transaction fees, but will earn money on the spread when they convert their cryptocurrency to dollars.

It also introduces a feature that allows customers to round off their bitcoin debit card purchases. MoneyLion had 2.2 million customers in August. The app offers banking, investing and credit services so far.

It hopes to go public through the Special Purpose Acquisition Company, or SPAC, Fusion Acquisition Corp. September 22. If successful, it will join public fintech companies SoFi, Robinhood and Square’s Cash App in the growing group of superapps striving to become the benchmark. -to be placed so that clients can manage all aspects of their financial life.

[ad_2]