MoneyLion launches crypto investing ahead of the planned SPAC deal

September 14, 2021: -The banking and investing app MoneyLion adds crypto trading to its all-in-one financial services app.

A fintech company, eight years old which is planning to go public this month on the New York Stock Exchange under the ticker ML, will introduce to buy and sell capabilities for bitcoin and ether at its Investor Conference on Monday, CEO Dee Choubey said to CNBC.

Choubey called the initial development “the starting of the education process” for its consumers during the “early innings of DeFi” and discussed the potential to explore different yield products, crypto payment applications, and NFT marketplaces down the road.

“It’s a crucial first step if we think that the future of fintech is DeFi,” he said. “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.”

MoneyLion will not charge transaction fees to consumers but will make money on the spread when they convert their cryptocurrency to dollars.

MoneyLion has 2.2 million customers as of August. The app offers banking, investing, and credit. It’s also introducing a feature that lets customers round up their debit card purchases in bitcoin.

It’s hoping to go public through the particular purpose acquisition company Fusion Acquisition Corp. on September 22. If it is a success, it will join public fintech companies SoFi, Robinhood, and Square’s Cash App in the growing group of super apps striving to become the go-to place for customers managing all aspects of their financial lives.