The bank challenger MoneyLion allows customers to buy and sell crypto

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The bank challenger MoneyLion says it will allow users to buy and sell cryptocurrency through its app for mobile banking, loans and investments.

New York-based MoneyLion plans to allow eligible users to buy and sell bitcoin and ether, and also use bitcoin when making debit card purchases. Cryptocurrencies will be available on the platform from October 5, and MoneyLion has announced plans to add more cryptocurrency options in the coming months.

“Offering this emerging asset class is a natural addition to our existing savings and investment products and supports our goal of providing clients with access to a variety of asset classes, as well as tools and training. that they are looking for to be confident in their financial situation. decisions, says Dee Choubey, CEO of MoneyLion.

With the move, MoneyLion joins other fintechs that allow users to buy and sell cryptocurrencies, including Coinbase, Etoro, and PayPal. Vast Bank, an $ 800 million asset bank in Tulsa, Oklahoma, allows customers to buy and sell eight digital currencies through its app.

At MoneyLion, we’re always looking for ways to further our mission of providing working Americans with better financial access, and we’re excited to expand that access now to allow our users to confidently explore the growing market for digital currency co-founder and CEO Dee Choubey said in a statement Monday.

MoneyLion also provides educational content and resources to help clients understand blockchain technology and cryptocurrencies, outlining the risks and opportunities associated with buying and selling.

“Offering this emerging asset class is a natural addition to our existing savings and investment products and supports our goal of providing clients with access to a variety of asset classes as well as the tools and training that they are looking to feel confident in their financial decisions. , says Choubey.

Chicago-based money issuer Zero Hash and Zero Hash Liquidity Services provide post-trade settlement technology to add cryptocurrency transactions to the MoneyLion app. Cryptocurrency trading and selling will be available to all eligible US residents outside of New York and Hawaii.

MoneyLion says it has 8.5 million users. In addition to its headquarters in New York, the company has offices in Sioux Falls, South Dakota, and Kuala Lumpur, Malaysia. The company’s current account, called Roar Money, is offered by MetaBank, a $ 9.8 billion national bank located in Sioux Falls.

As part of its new service launch, MoneyLion is offering a crypto prize pool of up to $ 1 million. It would also be distributed among the first users who meet the eligibility requirements and register between September 16 and October 5.

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