In a press release published on 8 April, MoneyLion said its new suite of cryptocurrency offerings will be integrated across the company’s digital financial platform, and will enable its users to buy and sell digital assets, and earn cryptocurrencies through a crypto-based rewards program and spending roundups. The offering was made possible through the company’s strategic investment into Zero Hash, which gave MoneyLion an ownership stake in the liquidity infrastructure provider.
“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 Dee Choubey, the co-founder and CEO of MoneyLion.
The company’s goal, aside from enabling direct access to cryptocurrencies, is to provide education to its users. This, Choubey said, will enable its users to feel confident when they decide to enter the crypto market. A recent survey of more than 2,000 MoneyLion members found that nearly 60% have already invested in cryptocurrencies. Of the 40% not yet in the market, 77% said they would be interested in owning cryptocurrencies in the next year, the company said.
Edward Woodford, the co-founder and CEO of Zero Hash, said that MoneyLion’s month-over-month user growth suggests “impending mainstream consumer adoption.” Zero Hash will play a critical part in enabling MoneyLion to provide cutting-edge access to the next generation financial system, he added.
MoneyLion’s investment in ZeroHash follows the company’s plans to go public. In February, the company entered into a definitive agreement with Fusion Acquisition to become a publicly listed company in the first half of 2021.