Southland Credit Union on Monday (July 18) teamed up with bitcoin platform NYDIG to become the second credit union in Southern California to offer cryptocurrency buying and selling services, according to a joint 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 press release said. To celebrate the rollout of the new crypto feature, Southland members who enroll before Oct. 18 get $5 in free bitcoin.
“After the successful launch of our enhanced digital banking services in 2021, Southland made a commitment to continue delivering cutting-edge technologies to our members,” said Southland President and CEO Tom Lent, in the release. “Credit unions like Southland have an opportunity to provide safe and accessible cryptocurrency services to our members.”
Southland said its cryptocurrency mobile app features easy enrollment, 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 facilitate the delivery of the mobile feature to app users, the release said.
“As the second credit union in the Southern California area to launch bitcoin services with NYDIG, this partnership is monumental for the wider adoption of bitcoin, and marks one more step towards NYDIG’s vision of bitcoin for all,” said Rahm McDaniel, head of banking solutions at NYDIG, in the release.
Related: Crypto Crash Puts Spotlight on SEC’s Gensler
On Sunday (July 17), Sen. Elizabeth Warren, D-Mass., said that Congress needs to do something to control the turmoil 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 actors that break the rules.”
“I’ve been ringing the alarm bell on crypto and the need for stronger rules to protect consumers and financial stability,” Warren added. “Too many crypto firms have been able to scam customers and leave ordinary investors holding the bag while insiders make off with their money.”
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