UNIFY Financial Credit Union ($3.6B, Torrance, CA), is leading the way into cryptocurrency, becoming the first credit union to allow members to buy, sell, and hold bitcoin within their credit union e-banking accounts.
On UNIFY’s crypto landing page, the credit union says the new offer will allow members to take advantage of lower transaction fees than other providers and faster money transfer periods to fund bitcoin transactions. Plus, they can avoid sharing personal information with unfamiliar crypto companies.
According to Allied Market Research, the global cryptocurrency market is expected to reach nearly $5 billion by 2030 from $1.49 billion in 2020. Trading exchanges are quickly becoming rivals to the traditional stock market, too, but the list of financial services providers participating in crypto remains limited.
The only major financial services providers that support bitcoin are Chime, Ally, USAA, Simple Bank, and Goldman Sachs, according to banks.com. Each supports bitcoin in various ways, from exchange trading to checking balances only to complete transaction functionality. Bank of America, Chase, and Citigroup explicitly ban or limit bitcoin purchasing.
Meanwhile, according to Pew Research Center, 16% of U.S. adults have invested in, traded, or used some type of cryptocurrency. That figure jibes with UNIFY member surveys, says Greg Glawson, UNIFY’s chief information officer. The credit union sees both need and opportunity here.
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