Skip to main content

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 and members to buy, sell and hold bitcoin.

UNIFY Financial and Five Star are offering the bitcoin availability through the integration of solutions provided by NYDIG and the Q2 digital banking platform, according to a statement from Q2Holdings. NYDIG is a financial services firm focused on bitcoin.

According to NYDIG’s research, more than 20% of American adults own bitcoin and more than 80% of those individuals would store it with their primary bank or credit union if the service was offered. Additionally, more than 71% of bitcoin holders say they would switch to a bank or credit union that supports Bitcoin, according to the company.

“This is an exciting partnership with Q2 and NYDIG and a huge opportunity for UNIFY and our members. We are thrilled to be the first credit union on the Q2 platform to enable members to trade Bitcoin,” said Greg Glawson, EVP, chief information officer, UNIFY Financial Credit Union, in a statement. “By offering a streamlined and simple process to begin trading in this new asset class, we are continuing to meet our member needs, especially as many have awareness about the convenience and benefit cryptocurrency may provide. Having a trusted provider in their credit union will hopefully add to their confidence as they engage in this new opportunity. By offering the ability to trade in bitcoin, UNIFY brings substantial new product value to our members that can help differentiate us from other financial institutions.”

The $3.59-billion UNIFY Financial has more than 265,000 members.

Overcoming Barriers

Q2 said its digital banking platform helps credit unions and their members to overcome barriers to holding bitcoin such as wallets and key management.

NYDIG said in a statement its full-stack bitcoin platform is “built to the highest security, regulatory, and operational standards to help traditional banks and credit unions enable their account holders to buy, sell, and hold bitcoin and to view their current bitcoin balance alongside their traditional banking accounts.”

“This is a game changer for financial institutions in the U.S,” said Jonathan Price, Q2’s executive vice president, Emerging Businesses, Corporate & Business Development, in a statement. “Built on the Q2 Innovation Studio, this new Q2-NYDIG offering gives financial institutions the choice to offer bitcoin to their end users, while taking into account the regulatory and security requirements needed to enable banks and credit unions to securely step into the bitcoin arena and meet growing consumer demand.”

Q2 reported it has more than 18 million end-users on its platform.

Comments

Popular posts from this blog

The Pros and Cons of Tariffs

Since there has been so much discussion on Tariffs, I felt a post would benefit our membership. Grant Sheehan CEO NCOFCU Tariffs 1440 Business & Finance Background A tariff—a word derived from the Arabic arafa, meaning “to make known”— is a tax imposed by a government on goods that are imported or exported . Historically, tariffs have served as a primary source of revenue and a means to protect domestic industries, as they make foreign products more expensive, encouraging consumers to purchase locally produced goods. The tools have a checkered history, famously bolstering US textiles, German steel, Japanese cars, South Korean technology, and more, arguably contributing to major economic downturns like the Great Depression. Tariffs can be specific (a fixed fee per unit) or ad valorem (a percentage of the item's value). Purpose Economically, tariffs aim to protect domestic industries, generate government revenue, and influence trade policy. By imposing taxes on imported goods —wh...

What Does PTSD in a Firefighter Look Like? A New Brain Scan Can Show You

Link Post-traumatic stress disorder (PTSD) is often described as one of the invisible scars that firefighters and others accumulate after years of dealing with trauma in their jobs. Now the scars are invisible no longer. A new tool—the SPECT scan—is offering a new way for firefighters and others with PTSD to visualize their injuries. SPECT stands for single photon emission computed tomography, and it creates 3-D scans of the patient’s brain that look at blood flow and brain activity, KTLA reports. Those scans can then be used to generate a treatment plan tailored to the specific patient based on the visual effects of PTSD. Retired Firefighter-Paramedic Matthew Fiorenza, a PTSD sufferer, told the station that the scans also help make the illness more tangible. “Looking at a picture of my brain, it just took the stigma out of it,” he told KTLA. “It’s like, okay, I’m not crazy.”  

Fed Raises Rates to Highest Point Since 2001; Here's What CU Economists Are Saying

WASHINGTON—Emphasizing it remains “highly attentive to inflation risks,” the Federal Resoerve has moved to hike interest rates by 25 basis points, setting the target range for federal funds at 5.25 to 5.5%--their highest level since 2001. The Federal Open Market Committee made the announcement Wednesday at the close of its July two-day meeting here, and suggested it may not yet be done with rate increases. “Recent indicators suggest that economic activity has been expanding at a moderate pace. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated,” the Fed stated in a release. Tighter Conditions “Tighter credit conditions for households and businesses are likely to weigh on economic...

Advice On Winning Over Gen Z In ’25

NEW YORK—As 2025 approaches the close of Q1, how can credit unions win over Gen Z? By tailoring credit rewards for a digital-first generation, a new report recommends. Gen Z is reshaping the workforce and redefining financial behaviors. As of 2024, this generation is poised to surpass Baby Boomers in workforce size and will make up 30% of the workforce by 2030. This rapid growth presents a major opportunity for financial institutions to tap into a younger, digitally native audience with distinct spending habits and financial needs, emphasized a GlobalData report authored by Zachary Johnson, specialist, campaign execution & strategy, financial services at VDX.tv. “Unlike previous generations, Gen Z’s economic journey has been shaped by inflation and delayed career starts due to the pandemic and skyrocketing living costs. These factors have made them highly dependent on credit, with Gen Zers being 23% more likely to own a credit card than Millennials at the same age, and carrying...