Southland Credit Union To Enable Bitcoin Purchases With NYDIG• July 20, 2022 10:26 am • Comments
It seems that another billion-dollar financial institution is starting to open up to the crypto space again.
This time, the Southland Credit Union has announced that they will be enabling its customers to purchase Bitcoin through its mobile app.
This makes the company the second credit union in Southern California to do so and this is made possible through its recent partnership with Bitcoin bank NYDIG.
Through NYDIG’s platform, the credit union’s customers will be able to buy, sell, and hold Bitcoin which makes crypto extremely accessible for many mainstream users.
With over $1 billion in assets, @Southland_CU now offers #Bitcoin purchases!#BTC https://t.co/XJouBo6PWg
— BTC Times (@btc) July 18, 2022
Bitcoin purchases were enabled through a partnership with bitcoin bank NYDIG, which specializes in offering infrastructure to companies and institutions looking to broker bitcoin services to their customers.
Users will be able to buy, sell and hold their bitcoin in NYDIG’s custodial platform. However, currently users cannot transfer bitcoin from one wallet to another through the NYDIG’s service. But, users can still sell their bitcoin and withdraw the funds if they wish.
“After the successful launch of our enhanced digital banking services in 2021, Southland made a commitment to continue delivering cutting-edge technologies to our Members,” said Southland president and CEO, Tom Lent.
“Credit unions like Southland have an opportunity to provide safe and accessible cryptocurrency services to our Members, and we are excited to integrate this technology into our digital banking platform.”
From NYDIG’s perspective, this is another large institution that has joined its partnership to utilize its crypto platform.
It is expected that many other credit unions and banks will likely follow this trend in the future depending on how well-received the new feature is.
Credit unions serve as a common standard in the financial world and seeing a few of them openly announce such partnerships is very encouraging for investors.
Increased adoption in states outside of California is also expected, but it seems that California is so far one of the most crypto friendly areas in the country so far.
Los Angeles based @Southland_CU joins the #Bitcoin community, bringing the currency to its credit union for LA based employees. More here: https://t.co/3cEgOrP5Ws
— Dawn M Newton (@dawnmnewton) July 19, 2022
Tom Lent, CEO and president of Southland stated:
After the successful launch of our enhanced digital banking services in 2021, Southland made a commitment to continue delivering cutting-edge technologies to our members.
Lent also elaborated that credit unions are in a great place to offer services and products such as these, while also stating that they can do so extremely safely. Head of Banking Solutions for NYDIG, Rahm McDaniel was optimistic about this cooperation as well.
McDaniel believes that this partnership is monumental for wider adoption of Bitcoin and is also a step in the direction of NYDIG’s vision of Bitcoin for all. McDaniel also highlighted the Southland Credit Union team:
As of now, this service will only allow users to operate with Bitcoin. Southland Credit Union has however stated that there is a chance of exploring ways to expand the offering also to other cryptocurrencies in the future.
Billion-Dollar Southland Credit Union Rolls out Bitcoin Trading Services https://t.co/g0InQUHwPE
— Business Colours (@ColoursBusiness) July 19, 2022
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