MoneyLion adds crypto and announces $1 million prize pool for new customers
MoneyLion’s cryptocurrency transaction and custody services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC.
MoneyLion has launched new cryptocurrency capabilities within its all-in-one app, starting with access to trading of Bitcoin and Ethereum, as well as round-up their debit card purchases in Bitcoin.
The New York-based finance app plans to add more cryptocurrencies and related features to the offering in the coming months.
Dee Choubey, co-founder and CEO at MoneyLion, commented: “At MoneyLion, we are always looking for ways to advance our mission of providing hardworking Americans with greater financial access, and we’re thrilled to now extend that access to allow our users to confidently explore the growing digital currency market.
“We have been very intentional in how we’ve integrated our crypto offering into the platform by offering our members both the ability to transact directly in digital assets along with a ‘found money’ approach that enables them to gain exposure to the asset class slowly over time by allowing them to round-up their debit card purchases in Bitcoin.”
The cryptocurrency offering is supported by educational content and resources offered by the fintech firm, aiming to help customers understand cryptocurrencies, the risk, and opportunities related to buying and selling cryptocurrencies and information on blockchain technology.
MoneyLion’s cryptocurrency transaction and custody services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC. The rollout is underway but will only become fully available to all eligible MoneyLion customers on October 5.
In order to sweeten the deal and mark the launch of the new service, MoneyLion has decided to sponsor a $1,000,000 Crypto Prize Pool.
This means that early adopters of MoneyLion Crypto are also eligible for a Bitcoin reward. New and existing customers must sign up for a MoneyLion Crypto account and meet the eligibility requirements between September 16 and October 5, 2021.
“The more participants who register, the greater the prize pool will grow. At the end of the promotional period, the entire pool funds will be equally distributed to all registrants, for up to a total of $1,000,000 in Bitcoin”, the firm stated.
“We view the new cryptocurrency offering as an important part of the MoneyLion platform, which includes banking, lending & investing solutions along with tools to help our customers better manage their finances, all in one app. Offering this emerging asset class is a natural addition to our existing savings and investing products, and supports our goal of providing customers with access to a variety of asset classes, along with the tools and education they are looking for to feel confident in their financial decisions”, CEO Dee Choubey added.