MoneyLion is to add a crypto-based investing and rewards offering to its mobile financial platform after acquiring a stake in digital asset settlement provider Zero Hash.
Set to launch in the fall of 2021, MoneyLion has set up a waitlist on its Website while it fine-tunes its programme, which will offer users the ability to buy and sell bitcoin and ethereum and earn cryptocurrencies through rewards and spending roundups from debit card purchases.
A recent survey of more than 2,000 MoneyLion members found that nearly 60% are already investing in cryptocurrencies today. Of those not yet in the market, 77% say they would be interested in owning cryptocurrencies in the next year.
“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,” says Dee Choubey, MoneyLion co-founder and CEO. “We want to empower people with the tools and education they are looking for to feel confident when they decide to enter this market. 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.”
The investment in ZeroHash will underpin the commercial relationship between the two firms, entailing the delivery of an API-based, regulatory-sound turnkey application for launching digital asset products the MoneyLion platform.
The move into the crypto world comes just months after MoneyLion inked a deal with blank-cheque firm Fusion Acquisition Corp to go public in a $2.9 billion deal. The combined company has an enterprise value of $2.4 billion, with over $500 million in cash to fund growth.