Financial technology company MoneyLion has added crypto investing to its banking app. This move comes ahead of the plans to go public later this month. Here’s what’s happening with the company.
So, how exactly is MoneyLion involved in crypto investing?
In a press release, Dee Choubey, the MoneyLion CEO, said the company is set to introduce trading capabilities for bitcoin and ether at its Investor Conference. It intends to start with the education process for its consumers and later dive into exploring different yield products, NTF marketplaces, and crypto payment applications.
Once new and existing customers sign up for the company’s crypto account and meet eligibility requirements between September 16 and October 5, 2021, they’ll also be enrolled in the prize pool. The more the users who sign up, the more the prize pool will grow. According to the company, the $1,000,000 in Bitcoin will be equally distributed to all registered customers at the end of the promotional period.
This Crypto Prize Pool and the trading capabilities are available to eligible US residents outside New York and Hawaii.
What are the company’s investment plans?
As one of America’s leading digital financial platforms, the 8-year old company announced that it had entered into an agreement with special purpose acquisition company Fusion Acquisition Corp. in February. Through this deal, MoneyLion is set to become a public listed company on the New York Stock Exchange on September 22, under the ticker ML.
This agreement comes with an estimated post-transaction equity value of $2.4 billion and more than $500 million in cash to fund growth.
If MoneyLion succeeds in this new venture, it will join other companies such as Robinhood, Cash App, PayPal, and SoFi, who have also established all-in-one financial services apps for their customers.
