Achieva Achieves a First in Florida With Crypto
CU executive says “it was time” to give members access to crypto trading services.
Located to the northwest of Tampa, the Dunedin, Fla.-based Achieva Credit Union became the first credit union in Florida to offer bitcoin services to its members.
According to a statement released on Wednesday from the $2.6 billion credit union, its more than 160,000 members can use Achieva’s mobile app to make Bitcoin transactions.
The credit union collaborated with Bitcoin bank NYDIG to connect the cryptocurrency services to the mobile app, according to the statement. NYDIG specializes in connecting financial institutions to the Bitcoin world.
“In the past year, we noted our members trading in more than $2.6 million of cryptocurrency through popular trading platforms,” Achieva Chief Digital and Infrastructure Officer Tracy Ingram said. “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.”
According to the credit union, members can use the Bitcoin widget on the mobile app to see the current Bitcoin value and their trading history, as well as buy, sell or hold Bitcoin through the NYDIG platform. Any cost of the transactions are “instantly debited from the member’s account.”
Prior to launching, Achieva employees were invited to test out the new Bitcoin function. The employees who signed up were given $10 to purchase Bitcoin and learn the process. NYDIG also kicked in another $5 for the experiment. During the three-week employee pilot, those Achieva team members purchased more than $2,500 of Bitcoin.
According to Ingram, the employee trial achieved two things: Employees learned how to use the new app and how Bitcoin works in order to help explain everything to members.
“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.”
Other credit unions have recently launched cryptocurrency services for members, including the Palo Alto, Calif.-based Stanford Federal Credit Union ($3.9 billion in assets, 81,223 members). Stanford FCU unveiled its new cryptocurrency offering on June 2. Its cryptocurrency service also allows members to buy, sell and hold Bitcoin.
In May, NCUA Chairman Todd Harper sent a letter to all federally insured credit unions that gave some needed guidance for credit unions considering offering cryptocurrency services. The letter stated that the use of distributed ledger technologies are OK if the credit union stays within existing regulations, safety limits and “if it is deployed for permissible activities and in compliance with all applicable laws and regulations, including applicable state laws or state supervisory authority requirements.”