Southland Credit Union has announced a partnership with New York Digital Investment Group (NYDIG), a leading bitcoin company. The partnership will offer the credit union members exposure to Bitcoin. Southland Credit Union members may now purchase, sell, and hold BTC in a safe digital asset account through an in-built function in the mobile banking app. Also, Southland Credit Union will become the second financial institution in Southern California area to support buying and selling cryptocurrencies.
What the partnership brings to Southland Credit Union members
BTC will be the sole digital currency available for purchase and sale via the credit union’s mobile app initially. As for the future of Southland’s cryptocurrency products, the company is open to exploring new options. Additionally, the mobile app feature will make registration simple and fast. Also, there will be no hidden costs, and users will have the ability to conveniently fund BTC purchases directly from their Southland account. Alkami, Southland’s digital banking provider, has also teamed with NYDIG to make the mobile capability available to app users.
Before the 18th of October, Southland members signing up for the new cryptocurrency feature will receive $5 in free BTC. The partnership between NYDIG and the credit union is a significant step forward in the acceptance of Bitcoin. Southland Credit Union is one of the largest credit unions in Southern California. Currently, it has over 60,000 members in the counties of Orange and Los Angeles.
“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,” said Southland President and CEO Tom Lent. Rahm McDaniel, Head of Banking Solutions at NYDIG, stated that the company is excited to engage with Southland, describing them as a forward-thinking team.
The continued expansion into the crypto space by institutions signals confidence in the assets despite the market downturn. It shows that they are positioning themselves for a potential rebound and a reversal of fortunes when the market picks.