The challenger bank MoneyLion says it will let users buy and sell cryptocurrency through its application for mobile banking, lending and investments.
New York-based MoneyLion plans to allow eligible users to buy and sell bitcoin and ether, and also use bitcoin when completing debit card purchases. The cryptocurrencies will become available on the platform starting Oct. 5, and MoneyLion says it plans to add more cryptocurrency options in the coming months.
“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, ”says Dee Choubey, CEO of MoneyLion.
With this move, MoneyLion is joining other fintechs that allow users to buy and sell cryptocurrencies, including Coinbase, Etoro and PayPal. Vast Bank, an $ 800 million-asset bank in Tulsa, Oklahoma, lets customers buy and sell eight digital currencies through its app.
“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,” co-founder and CEO Dee Choubey said in a press release Monday.
MoneyLion also is providing educational content and resources to help its customers understand blockchain technology and cryptocurrencies, outlining the risks and opportunities in buying and selling.
“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 , ”Choubey said.
The Chicago-based money transmitter Zero Hash and Zero Hash Liquidity Services provide the post-trade settlement technology to add cryptocurrency transactions to the MoneyLion app. Trading and selling cryptocurrencies will be available to all eligible US residents outside of New York and Hawaii.
MoneyLion says it has 8.5 million users. In addition to its New York headquarters, the company has offices in Sioux Falls, South Dakota, and Kuala Lumpur, Malaysia. The company’s checking account, called Roar Money, is offered through MetaBank, a $ 9.8 billion-asset national bank in Sioux Falls.
As part of its new service launch, MoneyLion is offering up to a $ 1 million crypto prize pool. It would be equally distributed among the early adopters who meet eligibility requirements and sign up between Sept. 16 and Oct. 5.