Southern California CU Climbs Into Crypto Offerings

After enhancing its digital banking abilities in the past year, the Los Alamitos, Calif.-based Southland Credit Union announced it will now offer cryptocurrency buying and selling services to its members.

In a statement Monday, officials with Southland ($1 billion in assets, 61,257 members) said it became the second credit union in California to collaborate with the bitcoin company NYDIG and with the credit union’s “fully integrated digital banking mobile app feature, Southland Credit Union Members can now buy, sell and hold bitcoin in a secure digital asset account.”

According to details from the credit union, it has updated its mobile app to include cryptocurrency features, which offer an easier way for members to enroll and fund bitcoin purchases from their Southland account. The credit union stated it is offering $5 in free bitcoin to members who enroll before Oct. 18.

“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,” Southland President/CEO Tom Lent said. “Credit unions like Southland have an opportunity to provide safe and accessible cryptocurrency services to our members, and we are excited to integrate this technology into our digital banking platform.”

“NYDIG is thrilled to partner with the forward-thinking team at Southland,” NYDIG Head of Banking Solutions Rahm McDaniel 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.”

In Monday’s statement, Southland officials said the credit union “intends to explore ways to expand its cryptocurrency offerings” beyond the buying and selling of bitcoin sometime in the future.