MoneyLion Intros Crypto Trading with $1M Prize Before IPO  

MoneyLion, Cryptocurrency, trading, Prize Pool, ipo

FinTech MoneyLion, set to go public Sept. 22, introduced cryptocurrency buying and selling for Bitcoin and Ethereum from within the company’s app on Monday (Sept. 13) and will continue rolling out the feature over the coming weeks, until the feature becomes available to all customers by Oct. 5.

Dee Choubey, MoneyLion CEO and co-founder, said in a press release that the move to offer crypto buying and selling is part of the company’s mission to drive forward new ways for its customers to have “greater financial access.”

“We have been very intentional in how we’ve integrated our crypto offering into the platform by offering our members both the ability to transact directly in digital assets, along with a ‘found money’ approach that enables them to gain exposure to the asset class slowly over time by allowing them to round-up their debit card purchases in Bitcoin,” Choubey said.

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MoneyLion will soon be adding additional cryptocurrencies to its platform for buying and selling.

To mark the introduction of its new cryptocurrency services, MoneyLion is sponsoring a $1M crypto prize pool. Eligible new and existing customers who signup for a crypto account between Sept. 16 and Oct. 5 will be entered into the prize pool. The higher the number of people that register, the bigger the pool of funds, according to the release.

“At the end of the promotional period, the entire pool funds will be equally distributed to all registrants,” for a maximum of $1 million in Bitcoin.

“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,” Choubey said.

He added that offering this “emerging asset class” complements its other products and services and is a logical extension to its current offerings, “along with the tools and education they are looking for to feel confident in their financial decisions.”

See also: MoneyLion Closes Deal With SPAC Fusion Acquisition To File IPO

MoneyLion is going public via the special purpose acquisition company (SPAC), Fusion Acquisition Corp., in a deal that values MoneyLion at an estimated $2.9 billion.