Southland Credit Union partnered with bitcoin platform NYDIG on Monday (July 18th) to become Southern California’s second credit union to offer cryptocurrency buying and selling services, according to a joint statement. Press release.
As part of the collaboration, Southland Credit Union members can now buy, sell, and hold bitcoin in a secure digital asset account, using an integrated digital banking mobile app, the statement said. hurry. To celebrate the rollout of the new crypto feature, Southland members who sign up before October 18th receive $5 in free bitcoins.
“Following the successful launch of our enhanced digital banking services in 2021, Southland is committed to continuing to deliver cutting-edge technology to our members,” Southland President and CEO Tom Lent said in the statement. . “Credit unions like Southland have the opportunity to provide safe and accessible cryptocurrency services to our members.”
Southland said its cryptocurrency mobile app offers easy sign-up, no hidden fees, and the ability to fund bitcoin purchases directly from a Southland account. Southland intends to explore ways to expand its cryptocurrency offerings beyond bitcoin. Southland’s digital banking provider Alkami has also partnered with NYDIG to help provide mobile functionality to app users, according to the release.
“As the second credit union in the Southern California region to launch bitcoin services with NYDIG, this partnership is monumental for broader bitcoin adoption and marks a step closer to NYDIG’s vision of bitcoin for all,” said bank manager Rahm McDaniel. solutions to NYDIG, in the release.
Related: Crypto Crash spotlights SEC’s Gensler
On Sunday, July 17, Sen. Elizabeth Warren, D-Mass., said Congress needs to do something to control the unrest in the crypto world, “but the (Securities and Exchange Commission) has a responsibility to use its authorities to put guardrails in place and crack down on crypto players who break the rules.
“I sounded the alarm about crypto and the need for tougher rules to protect consumers and financial stability,” Warren added. “Too many crypto firms have been able to scam customers and leave ordinary investors to hold the bag while insiders run away with their money.”
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