By Ray Birch
DUNEDIN, Fla.–Another credit union has stepped into the cryptocurrency space, saying it made the move because members are at the very least, “cryptocurious.”
And what that tells Achieva Credit Union is that not making the move would have led to a large number of members questioning whether the CU can meet all of their growing digital needs.
Tracy Ingram, chief digital and infrastructure officer at Achieva, told CUToday.info the $2.6-billion CU began considering offering some options in the crypto market more than a year ago.
“We saw members going out and buying and selling cryptocurrency with the exchanges, plus we got some personal feedback,” Ingram explained. “For example, I was at one of our branches a few months ago and a member came up and started talking with me. She was fairly knowledgeable about cryptocurrency and just asked me, ‘What are you guys going to be doing about cryptocurrency?’ That tells me a lot.”
The List of Participants
Achieva Credit Union has become the latest to offer bitcoin services to its members. As CUToday.info has reported, approximately a half-dozen CUs are now offering the services to members. In Achieva’s case, members are now able to buy, sell and hold bitcoin directly through their mobile app. Similar to other credit unions, Achieva is offering the solution in partnership with New York-based NYDIG.
The CU charges a 2% fee for any crypto currency purchased or sold.
As CUToday.info has reported, other CUs offering crypto services to members include UNIFY Financial CU, Idaho Central CU, Stanford FCU, and Visions FCU.
Achieva did much more than take members’ word that they wanted to be able to dabble—or get seriously into--in crypto via the credit union. Like other CUs that have already started offering crypto services, before it launched the new offering, Achieva monitored members’ transaction activity to gauge cryptocurrency interest.
Tracy Ingram
“We leveraged our data and could see members were out using the crypto exchanges,” said Ingram. “We looked at the data for a long time before we made our final decision, really a year’s worth of data we examined. What also led to our decision was the interest in cryptocurrency we saw among our own employees.”
The credit union also piloted the service with employees, who purchased approximately $2,500 of bitcoin during a three-week period before the launch of the updated app.
Starting Slowly
As Ingram noted, Achieva has started slowly, offering the ability to buy, sell and hold crypto. What’s next, she said, is learning more about cryptocurrency, how members are continuing to use it, if there are growing needs, and what the regulators will eventually say about the offerings at credit unions. Currently, NCUA has only issued basic information about cryptocurrency offerings at credit unions, although it has encouraged credit unions to explore the option.
Ingram said Achieva is seeking more guidance, as well as just more time under its belt with the new service before it plans an expansion of its involvement in crypto, such as using it as collateral to grow lending.
“We’re closely watching what our members are now doing with cryptocurrency and we're monitoring the regulations—guidance that has already been shared by NCUA and what is likely coming,” said Ingram. “That will help us a great deal in taking our next step.”
Usage to Date
To date, usage of its new service has been above the credit union’s expectations, Ingram told CUToday.info.
“We soft launched on June 7, and we have not really marketed the service, and in about a week we had 300 members using the service,” said Ingram. “The initial feedback we have received from our members directly and on social media has been strong. It has been somewhat surprising to see how enthusiastic some members are about the service. Many members are saying they love having this ability to buy bitcoin offered through their credit union.”
Ingram said Achieva may add another cryptocurrency, in addition to bitcoin, to the service.
“And there are other things we can do, such as crypto rewards, that could be possible,” she said. “There's a lot that's happening out there that could have potential in the future.”
Advice for Other Credit Unions
Ingram shared advice for credit unions that are considering offering a cryptocurrency service.
“I would emphasize due diligence—really looking at everything to ensure this is a good move,” she said. Piloting this with our staff, helped, too. You just want to make sur you offer a good number experience. Spend a fair amount of time with different educational videos, and really promote to members the educational component of all this.”