PALM COAST, Fla.—Should credit unions jump into the cryptocurrency space, or should they wait—possibly until more guidance is provided by regulators?
It’s a question many credit union leaders are debating, as cryptocurrency acceptance and usage among members rises even as the value of crypto has fluctuated.
CUToday.info has been regularly reporting on the digital currency market—what credit unions are doing, what regulators are saying, and what members want—in an effort to provide more clarity on a market many CEOs acknowledge more information is needed.
What the CUToday.info reports are showing is that at least for now, a limited number of credit unions have chosen to offer cryptocurrency solutions, often after looking at the habits of their members and seeing funds flowing out for investments in crypto.
The move isn’t just defensive, those credit unions are saying, as they also see the new service line offering as a means of keeping the cooperative relevant within their communities.
To help readers remain on top of what’s happening in crypto and credit unions, a roundup of CUToday.info’s digital currency reporting follows:
Will NFTs Disrupt the Lending Market?
ST. PETERSBURG, Fla.—Can non-fungible tokens (NFTs) disrupt the lending market? And should credit unions, which are showing heightened interest in cryptocurrency, be entering this space as well?
How Will Digital Currencies Fit Into CU Offerings?
ATLANTA—Credit unions waiting to decide whether to offer members crypto-services don’t have long to make a choice, according to one person, who believes adoption of cryptocurrency in the U.S. is outpacing the pace at which mobile banking took hold.
Microsite Launched to Provide Resources
LAS VEGAS–Just how robust the interest, concern, worry and excitement is among credit unions when it comes to cryptocurrencies and blockchain can be seen among CUs meeting at two different events this week, with both audiences separately being told that whether they’re aware of it or not, many of their members are way ahead of them when it comes to the digital investments.
This Finding May Surprise Credit Unions
ST. PETERSBURG, Fla.—It’s time more credit unions begin looking at their members’ account activity to see if they are getting involved in cryptocurrency.
CU’s Experience Draws Standing-Room-Only Crowd
WASHINGTON—Can cryptocurrency help drive lending at credit unions? According to the leader of one of the first cooperatives in the nation to offer crypto services to its members—and who was speaking to a standing room only crowd of CU leaders—it can drive new loans and more.
The Lessons Learned & What's Ahead
GREENVILLE, S.C.–When a group of credit union execs gathered here was asked how many had made a purchase using cryptocurrency, no hands were raised. When they were then asked how many had made a purchase using their phone, every hand was raised.
Offering Crypto Service Is 'Competititive Advantage'
TORRANCE, Calif.–UNIFY Financial Credit Union is now offering cryptocurrency services to its members, a move it believes will help it win over new members in a very competitive market.
It’s Not Summer Everywhere as ‘Crypto Winter’ Arrives
NEW YORK–For the first time in 16 months, the cryptocurrency market fell below a $1 trillion valuation as the prices of major coins has plunged.
Achieva FCU Latest to Offer Bitcoin Services to Members
DUNEDIN, Fla.–Achieva Credit Union has become the latest to offer bitcoin services to its members. Approximately a half-dozen CUs are now offering the services to members.
Crypto’s Growth Can Be Seen in Massive Naming Rights Deal
LOS ANGELES—In another sign cryptocurrency is moving mainstream, the Staples Center now has a new name: Crypto.com Arena.
With Crypto-Credit Cards Rolling Out, Can Rewards Programs Be Far Behind?
NEW YORK—As more Americans hold cryptocurrency, will crypto credit card follow the broader market and begin offering rewards?
UNIFY Financial CU First to Offer Members Ability to Buy, Sell, Hold Bitcoin
TORRANCE, Calif.–UNIFY Financial Credit Union and Five Star Bank are reporting they have become the first financial institutions in the U.S. to enable their members/customers to buy, sell and hold bitcoin.
Stanford FCU Now Offering Cryptocurrency Solution to Members
PALO ALTO, Calif.–Stanford Federal Credit Union said it has launched a cryptocurrency offering that will allow members to buy, sell, and hold bitcoin.