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

Digital Payments Lead the Way Globally: Key Insights from Worldpay Study

According to a recent Worldpay study, digital payments are rapidly becoming the preferred choice worldwide. The research highlights significant shifts in consumer behavior and payment preferences, driven by technological advancements and the growing acceptance of cashless transactions. Key findings from the study reveal that digital payments now account for a substantial portion of global transactions. Mobile wallets, contactless payments, and online banking are gaining traction, reflecting consumers' desire for convenience and speed. This trend is especially prominent in regions like Asia Pacific, where mobile payment adoption is leading the charge. The study also emphasizes the importance of security in fostering consumer trust in digital payments. As fraud concerns continue to rise, businesses must prioritize robust security measures to protect customer information and enhance the payment experience. Moreover, the transition to digital payments is not just about c...

Embracing ARMs And Battling Members’ Misconceptions

With adjustable-rate mortgages back in fashion, credit unions are educating members about the ins and outs of these products, dispelling misunderstandings along the way. With housing stock low, home prices high, and interest rates showing no signs of coming down, many credit unions are turning to adjustable-rate mortgages to help would-be borrowers find a home. ARM loans gained a bad reputation after the 2008 housing crisis and the Great Recession, but credit union leaders insist that with the right education and a clear understanding of how the product works, adjustable-rate mortgages can be an ideal solution for would-be homeowners. The Big Picture53% of those who don’t own a home believe homeownership is out of reach, according to a study from Northwestern Mutual . 58% of millennials feel this way, but roughly half of baby boomers and Gen X share the sentiment. According to Federal Reserve data, the average price of a home topped $510,000 at the end of 2024. That’s 32% higher than f...

Jim Nussle To Retire From America’s Credit Unions

  WASHINGTON—America’s Credit Unions President and CEO Jim Nussle plans to retire from the trade association, ACU announced. ACU said Nussle did not specify an exact date for his retirement but rather expressed his desire to provide the ACU board the “full flexibility” to conduct a search for a CEO over the next several months on a timeline of their choosing, and to ensure his ongoing efforts to champion the organization’s advocacy agenda.   Jim Nussle “Serving credit unions is a deep personal privilege. After a long career in advocacy from both sides of the policy making table, leading CUNA and the honor of helping to create and lead America’s Credit Unions, it is soon time for me to pursue new interests in retirement. My announcement today is intended to provide the board the time to conduct a thorough national search to find the next leader for the Association,” Nussle said.  “My full and ongoing focus will be on our intensive credit union advocacy efforts to prot...

Havoc.’ ‘Debacle.’ Analysts See Rough Road Ahead for Autos With Tariffs

WASHINGTON–What’s known: should President Trump’s tariffs remain in place, new and used vehicle prices are going to get even higher. The unknown: Will members stop buying cars, move from new to used, or given how many buy cars according to payment, move to less-expensive models? The tariffs also may create challenges for credit unions that serve some autoworkers. All of those questions and more remain much in flux with analysts predicting  auto prices could rise by $5,000 to $10,000 per vehicle and wreak havoc on the market as the result of 25% import tariffs on vehicles and auto parts.   As the CU Daily reports separately, however, Black Book believes automakers will spread out the incremental cost of tariffed vehicles across their entire showroom to retain relative vehicle transaction prices. Still, the company expects tariffs to push the average transaction price on vehicles to more than $50,000. ‘A Debacle’ “The tariffs are a debacle of epic proportions for the a...

Zelle Discontinues Standalone App, Shifts Users to Bank and Credit Union Platforms

SCOTTSDALE, Ariz.—The standalone Zelle app is no longer available for sending or receiving money. Users are now encouraged to enroll through a participating bank or credit union’s app to continue using the peer-to-peer payment service, PYMNTS reported. Zelle had announced in an Oct. 31  blog post  that it would make this change, and it completed the move as of Tuesday (April 1), according to a frequently asked questions  page  on its website PYMNTS said/ “More than 2,200 banks and credit unions across the U.S. now offer Zelle through their mobile app or online banking site,” the company said on the FAQ page. “As a result of this growth, in October of 2024, we announced that we are removing the ability for users to send or receive money using the Zelle app starting April 1, 2025.” PYMNTS noted that the page advised users of the Zelle app to visit a “find your bank” page on its website to see if their bank or credit union offers Zelle; to...