Southland Credit Union works with NYDIG on Crypto
Southland Credit Union merged on Monday (July 18) with the 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 partnership, 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 states. To celebrate the rollout of the new crypto feature, Southland members who sign up before October 18 will receive $ 5 in free bitcoin.
“Following the successful launch of our enhanced digital banking services in 2021, Southland is committed to continuing to deliver cutting-edge technologies to our members,” Southland President and CEO Tom Lent said in the release. “Credit unions such as Southland have an opportunity to offer secure and accessible cryptocurrency services to our members.”
Southland said their cryptocurrency mobile app has easy sign-up, no hidden fees and the ability to fund bitcoin purchases directly from a Southland account. Southland intends to explore ways to expand its cryptocurrency offering beyond bitcoin. Southland’s digital banking provider, Alkami, has also entered into a partnership with NYDIG to facilitate the delivery of the mobile function to app users, the publication states.
“As the second credit union in the Southern California area to launch bitcoin services with NYDIG, this partnership is monumental to the broader adoption of bitcoin, marking another step toward NYDIG’s vision of bitcoin for all,” said Rahm McDaniel, bank manager solutions on NEW, in the release.
Related: Crypto Crash puts the spotlight on the SEC’s Gensler
On Sunday (July 17), Senator Elizabeth Warren, of the D-Mass. crack down on crypto actors who break the rules. “
“I have rung the alarm clock on crypto and the need for stronger rules to protect consumers and financial stability,” Warren added. “Too many crypto companies have been able to trick customers and let ordinary investors hold their own while insiders manage their money.”
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