The First Florida Credit Union to Offer Crypto Services
- June 15, 2022
- 2 min read
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The Dunedin Credit Union, located to the northwest of Tampa, became the first credit union to offer Bitcoin services for its members.
A statement from the credit union worth $2.6 billion was released Wednesday. It stated that its 160,000 members can use Achieva’s mobile app to conduct Bitcoin transactions.
According to the statement, the credit union partnered with NYDIG, a Bitcoin bank, to link the cryptocurrency services to the app. NYDIG is a specialist in connecting financial institutions with the Bitcoin world.
An Increase in Crypto Trading
Tracy Ingram, Chief Digital and Infrastructure Officer at Achieva, stated that members have traded in cryptocurrency worth more than $2.6 million through popular trading platforms over the past year.
“It was evident that many members wanted to be involved in crypto and we felt it was the right time to give access to Bitcoin from an institution that they trust.”
The credit union says that members can access the Bitcoin widget via the mobile app to view the current Bitcoin price and their trading history.
They can also buy, sell, or hold Bitcoin through NYDIG. All transactions cost are debited immediately from the member’s bank account.
Successful Trial Period
Achieva employees were invited by the company to try out the new Bitcoin function before it was launched. Signing up meant that employees were granted $10 to buy Bitcoins and learn how it works.
NYDIG contributed $5 to the experiment. The three-week employee pilot saw Achieva team members purchase more than $2,500 worth of Bitcoin.
Ingram stated that the employee trial resulted in two things. Employees could learn how to use the app and how Bitcoin works to explain everything to their fellow members.
Ingram stated that Achieva employees are members’ trusted advisors and that it was crucial that the team learned how the new Bitcoin functionality works in order to answer members’ questions.
“We want our members to access trading services with confidence. We are always mindful that investing in cryptocurrency carries risk.”
Other credit unions also recently launched cryptocurrency services to members, such as the Palo Alto-based Stanford Federal Credit Union (with assets of $3.9 billion and 81,223 members).
On June 2, Stanford FCU announced its new cryptocurrency service. The cryptocurrency service allows members to purchase, sell, and hold Bitcoin.
The NCUA Chairman Todd Harper wrote a letter to all federally insured credit cooperatives in May. It provided some guidance for credit unions looking into offering cryptocurrency services.
The letter clarified that distributed ledger technology use is allowed, provided the credit union adheres to all regulations and safety limits.