Credit unions have been dipping their toes into cryptocurrency over the past year.
The timing largely coincided with the “crypto winter” that saw digital coins plunge in value and numerous exchanges and lenders collapse.
But at the height of the crypto craze in late 2021, many credit unions saw their members buying cryptocurrency in significant numbers. In December 2021, the National Credit Union Administration, the federal agency that regulates credit unions,clarifying that federally insured credit unions can partner with third-party providers to allow their members to buy, sell and hold cryptocurrencies.
Lone Star Credit Union, a small Dallas credit union with $163 million in assets, refers members interested in buying cryptocurrency to BankSocial, a non-custodial wallet provider, which gives buyers control over access to their assets. In an interview with The Associated Press, Lone Star Credit Union CEO Becky Reed discusses the partnership and why she is optimistic about crypto's future.A: It was in late 2021 and early 2022 that we noticed that our members were buying crypto. At that point in time, we really thought that our members weren't. If you asked our executive team and our board they would say, 'Well, our members don't care about cryptocurrencies.' Well, the data showed otherwise.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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