MoneyLion, a financial wellness platform, formally announced the launch of cryptocurrency investing ahead of its plans to go public through special purpose acquisition company Fusion Acquisition Corporation (NYSE:FUSE), later this month.
What Happened: MoneyLion is a holistic platform for wealth accumulation and management. The firm will empower members to buy, sell and earn cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
This comes after MoneyLion announced it partnered and invested in Zero Hash, a provider of turnkey solutions that allow platforms to launch and provide experiences around digital assets, with no regulatory overhead or technical complications.
“It’s a very important first step if we think that the future of fintech is DeFi,” said Dee Choubey, MoneyLion co-founder and CEO. “We will have created a segment of the population and have exposed them to DeFi, so when it becomes more ubiquitous, they’re fully prepared to take advantage of it.”
Adding, MoneyLion will not charge transaction fees to consumers. Instead, the company will make money on currency conversion spreads.
Why It Matters: The appetite for digital assets is growing.
Edward Woodford, Zero Hash co-founder, and CEO recently commented, “We’re excited to be partnering with MoneyLion at a critical time in the cryptocurrency market, as month-over-month user growth suggests impending mainstream consumer adoption. We look forward to playing a critical part in MoneyLion’s ability to provide cutting-edge access to the next generation financial system.”
To learn more about MoneyLion, click here.