Mobile banking platform MoneyLion announced a move into the crypto realm today. The New York-based company will soon unveil tools that enable members to buy, sell, and earn digital currencies.
The new offering is expected to launch this fall.
Facilitating the new cryptocurrency capabilities is a strategic investment that MoneyLion has made in digital asset settlement provider Zero Hash. Founded in 2015, Zero Hash provides a turnkey solution that allows platforms to integrate a range of digital asset capabilities into their own user experiences.
The new cryptocurrency tools will enable users to buy and sell Bitcoin and Ethereum and earn cryptocurrencies via a rewards program and a spending roundup tool that will round up debit card purchases to the nearest dollar, investing the spare change in cryptocurrencies.
“We’re seeing exploding interest in the utility and investment potential of digital currencies, but one of the top reasons our members say they haven’t yet acquired cryptocurrencies is because they lack knowledge of the asset class,” said MoneyLion co-founder and CEO Dee Choubey. “The MoneyLion crypto offering will provide members an intuitive way to own digital currencies within a seamless and secure environment and, through our strategic investment in Zero Hash, we’re confident that we’re advancing our mission to increase access to previously exclusive financial services.”
This news comes at a time when user interest in cyrptocurrency is at an all-time high. According to a recent survey, 27% of Americans are planning to invest in cryptocurrency this year. Among MoneyLion users, almost 60% are already investing in cryptocurrencies.
Founded in 2013, MoneyLion recently announced its planned public debut after agreeing to merge with special purpose acquisition company Fusion Acquisition Corp. The deal is expected to close in the first half of this year.