DENVER–CULedger, the blockchain initiative that has been led championed by CUNA and the MountainWest Credit Union Association, is now a CUSO called CULedger, LLC, the two organizations said. Credit unions will have a majority ownership in the newly formed CUSO.
“CULedger is an opportunity for credit unions to be leaders of innovation in financial services,” said Rudy Pereira, president/CEO Premier America Credit Union and chairman of the CULedger steering committee, in a statement. “Getting involved now in CULedger and CULedger, LCC will offer credit unions the ability to participate in shared-ledger technology that is on path to reshape the credit union industry as a whole in the years to come.”
The organizations said that its core, shared-ledger technology creates an online system through which multiple certified parties can securely exchange information and conduct transactions with those exchanges certified by all the organizations—called nodes—participating in a permissioned network using industry-leading distributed ledger technology that is being adopted by financial institutions worldwide.
CULedger was launched in 2016 by CUNA and Mountain West Credit Union Association to develop a concept for a credit union system-wide permissioned distributed shared ledger platform. It has since grown to include Best Innovation Group, and other credit union system partners.
CULedger said it is planning informational sessions for credit unions interested in investing in the new CUSO in September and October. It will also launch a search for a CEO following the investor sessions. More info is available here.