Moneylion, a US-based Fintech firm based will now offer cryptocurrency trading services. But at present, its services will only be limited to Bitcoin and Ethereum. Traders will be able to buy or sell BTC and ETH through Moneylion’s trading application. More cryptocurrencies will also be added in the future.
The CEO of Moneylion, Dee Choubey, is very excited about the new emerging cryptocurrency market and wants his firm to be part of this new system. He stated that Moneylion’s crypto services will be primarily geared towards Bitcoin, as traders will be able to use Bitcoin as primary currency to round up their expenses on the debit cards.
To incentivize its customers to take up crypto service, Moneylion has also started a massive $1,000,000 crypto prize pool. All customers who create their crypto trading account on Moneylion between 16th September and 5th October will be able to potentially win the prize.
Moneylion was established in 2013 in New York and already has a client base of 8.5 million. They are now in talks of going public with its acquisition by the SPAC Fusion Acquisition Corp. by 22nd September. If Moneylion is able to go public, it will join the ranks of the other giant fintech company Robinhood that just got listed on NASDAQ in August.
Robinhood also has a crypto trading service. They have gone a step further and introduced a recurring crypto investment scheme to encourage long-term crypto holdings in the market and protect its clients from crypto market volatility. This Crypto Recurring Investments scheme lets users schedule automatic purchases of their preferred volumes of selected crypto on a daily, weekly, bi-weekly, or monthly basis.
Robinhood has not yet revealed which cryptocurrencies will be supported by this scheme, but industry insiders expect that Bitcoin, Ethereum, and Doge will definitely remain on the list.
As Moneylion prepares to go public, the competition between these two fintech companies is also expected to intensify in the coming months, especially in the world of crypto.