CULedger, blockchain technology used to provide credit unions and members with innovative, cutting-edge products and services, announced the formation of CULedger, LLC, a new credit union service organization.
Credit unions will have a majority ownership in the newly formed CUSO.
"CULedger is an opportunity for credit unions to be leaders of innovation in financial services," Rudy Pereira, president/CEO of $2.4 billion Chatsworth, Calif.-based Premier America Credit Union and chairman of the CULedger steering committee. "Getting involved now in CULedger and CULedger, LLC will offer credit unions the ability to participate in shared-ledger technology that is on path to reshape the credit union industry as a whole in the years to come."
Shared-ledger technology creates an online system through which multiple certified parties can securely exchange information and conduct transactions with those exchanges certified by all the organizations, called nodes, participating in a permissioned network using industry-leading distributed ledger technology.
CULedger began in 2016 as a proof-of-concept project led by CUNA and the Mountain West Credit Union Association, the Best Innovation Group, credit union system partners and credit unions. Their mission aimed to create a permissioned, distributed, shared ledger platform for credit unions.
CULedger differs from blockchain, often used interchangeably with distributed ledger technology. Blockchain increasingly became associated with only one DLT: permissionless, open system such as the bitcoin.
CULedger is planning informational sessions in September and October for credit unions interested in investing in the new CUSO. There will also be a search for a CEO for the blockchain network following the investor sessions.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
