As per the latest reports, MoneyLion has made an announcement for its users. The investing and banking application operator has announced that it is planning to introduce cryptocurrency trading services. The firm has announced that the trading services for cryptocurrencies will be introducing through the application of its financial services.
This means that its users will be able to carry out traditional as well as cryptocurrency transactions through MoneyLion’s application. The firm has announced that the new services will be introduced to its traditional application. With the integration of cryptocurrencies, their trading application will become a one-in-all platform for the users.
Ever since the launch, MoneyLion has spent over eight years operating as one of the most successful fintech companies in the industry. Just recently, MoneyLion had made an announcement for its users. The firm announced that in the upcoming months, it was going to give its users to become part of the company by having ownership in it.
The news coming from the firm was a hint towards the company going public in the upcoming days. This was later confirmed by the executives at MoneyLion who revealed that they are indeed planning to go public. It was confirmed at that time that MoneyLion will be enlisting itself through the New York Stock Exchange.
The company also confirmed that it was going to use the ticket ML while trading on the New York Stock Exchange (NYSE). It was revealed by MoneyLion that it is planning to go public by the end of September 2021.
The company is now also aiming to become a cryptocurrency trading service provider before it goes public. This may be part of MoneyLion’s business expansion strategy, as by attracting cryptocurrency crowed, it would eventually have more investors for its stocks.
The firm has announced that for now, it is providing trading services to its users for Ether (ETH) and Bitcoin (BTC). This information was shared by MoneyLion during a conference held for investors on Monday, September 13, 2021. Dee Choubey, the chief executive officer of MoneyLion was the person attending the conference, who enlightened investors about the company’s upcoming plans.
During the conference, Choubey revealed that the initial adoption round would act as a learning and educational process for its users. In the initial phase, their aim would be to provide users with as much exposure as possible to the decentralized finance (DeFi) space.
Apart from exploring and gathering knowledge in the DeFi space, they will also be exploring spaces such as NFT marketplaces, cryptocurrency payment applications, and yield products.
However, the latter products will be explored by MoneyLion after the completion of the initial phase.
By Devina Saputri – shutterstock.com
