MoneyLion, a payment platform that seeks to build a financial super app, has joined the crypto bandwagon by launching crypto investing on its platform as it prepares to go public sometime during this month, and with this move, it has joined the other investing platforms and banks who have been quick to see the change that is happening and has thus decided to add cryptos to their platform to make their platform more interesting and in tune with the times.
Crypto trading has taken over the financial world over the last couple of years and after being in denial for many years, several businesses and regulators around the world have realized that it is here to stay and are now gearing up themselves to tackle this new form of trading and investing.MoneyLion will be launching investing in Bitcoin and Ethereum during their investor conference as the company plans to go public in the New York Stock Exchange through the SPAC mechanism.
“It’s a very important first step if we think that the future of fintech is DeFi,” said CEO Dee Choubey. “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.”
The bank and investing platform have also said that there would be no fees for transactions and the company would be making its revenue by charging spread on conversions between crypto and fiat. The platform currently boasts of over 2.2 million customers and also has plans to allow the user to convert their debit card purchases to bitcoin. MoneyLion is looking to join the ranks of Revolut and Robinhood to develop a financial superapp for its users so that they can perform all financial operations in a single app and the users would never need to go out of the app for anything related to banking or finance.
The time does look ripe for such a superapp and it is up to the regulators to ensure that such large players are well regulated so that they don’t get to totally dominate the landscape and make it very difficult for startups to bring in innovations into this space. There are still many disruptions that are possible in different parts of the financial ecosystem and crypto and blockchain has opened up the possibilities for many of those in the coming years.