Dunedin’s Achieva Credit Union is getting into the crypto game.
The credit union on Tuesday launched a new app offering cryptocurrency services, including the ability to buy and sell Bitcoin, making it the first credit union in Florida to do so.
The credit union partnered with Bitcoin trading company NYDIG, which specializes in working with banks, credit unions and other traditional financial institutions. The company last year completed a $1 billion fundraising round, bringing its valuation to $7 billion.
While Achieva members could previously make Bitcoin trades on third-party apps, integrating the process into the credit union’s own app will give members easier access, said Achieva’s chief digital and infrastructure officer Tracy Ingram.
“In the past year, we noted our members trading in more than $2.6 million of cryptocurrency through popular trading platforms,” Ingram said in a statement. “It was clear that many members want to get involved with crypto, and we felt it was time to provide access to Bitcoin from an institution they trust.”
Bitcoin transactions via the app come with a 2% service fee, and Achieva notes that crypto holdings or transactions are not guaranteed by the National Credit Union Administration, which is similar to banks’ Federal Deposit Insurance Corporation.
It’s been a rocky spring for the cryptocurrency industry, Bitcoin included. The value of many cryptocurrencies and stablecoins has plummeted since last fall, with Bitcoin’s value dropping by more than half since November.
In the buildup to the app’s release, Achieva gave employees $10 to purchase Bitcoin as part of an education and training initiative, with NYDIG kicking in another $5. In the app’s initial rollout, members can get $5 in Bitcoin if they sign up for a crypto account through Achieva.
“Achieva employees are trusted consultants for members and it was vital that our team learn how this new Bitcoin functionality works so that they can answer questions for members,” Ingram said. “We always want to note that there is risk involved in investing in any cryptocurrency, and we want our members to feel comfortable accessing the trading services.”
Economic Development Reporter
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