The credit union will use NYDIG’s custody platform and infrastructure to enable its customers to buy, sell and hold bitcoin, but users cannot transfer bitcoin.
- Southland Credit Union will offer services to its customers allowing them to buy, sell and hold bitcoin on a custodial platform.
- Southland’s custodial partner is bitcoin bank NYDIG, making them the second credit union in the region to offer NYDIG’s services.
- Users cannot transfer bitcoin from one wallet to another, instead a user would need to sell their coins and withdraw fiat funds to exit the platform.
Southland Credit Union – a billion-dollar institution – is now the second credit union in Southern California to enable its customers to purchase bitcoin through its mobile banking app, according to a press release.
Bitcoin purchases were enabled through a partnership with bitcoin bank NYDIG, which specializes in offering infrastructure to companies and institutions looking to broker bitcoin services to their customers. Users will be able to buy, sell and hold their bitcoin in NYDIG’s custodial platform. However, currently users cannot transfer bitcoin from one wallet to another through the NYDIG’s service. But, users can still sell their bitcoin and withdraw the funds if they wish.
The Los Alamito-based credit union is celebrating the release of this newest feature by offering a limited-time promotion. Southland Members that enroll for the service before October 18 will receive $5 in free bitcoin.
“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,” said Southland president and CEO, Tom Lent. “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 was thrilled to partner with another institution in the region as it continues to fulfill its objective.
“NYDIG is thrilled to partner with the forward-thinking team at Southland,” said Rahm McDaniel, head of banking solutions at NYDIG. “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.”