National Credit Union Administration opens door to crypto for credit unions
Recent guidance from the NCUA has changed the landscape of cryptocurrency for credit unions. The guidance has opened the door for credit unions to adopt cryptocurrency services and partner with cryptocurrency service providers. The NCUA stated that it supports initiatives by federally insured credit unions to better serve their Members.
Southland kicks off Bitcoin services
Part of Southland’s commitment to the financial futures of its Members includes staying on top of new and cutting-edge digital services and financial opportunities. After careful consideration, Southland decided to partner with the reputable Bitcoin firm, NYDIG, to do just that—allow Members to easily dip their toes in the cryptocurrency waters if they haven’t already. What may have seemed daunting or confusing, is now palatable and convenient through the Southland CU Digital Banking mobile app, coupled with learning resources featured on Southland’s website.
Southland strives to provide a multitude of financial services to meet the needs of all Members. Since many Southland Members are already transacting on other cryptocurrency platforms, Southland identified an opportunity to serve Members through their primary banking app. However, buying and selling bitcoin may not be for everyone. Southland encourages Members to do their research, watch the financial education videos provided on our website and carefully consider the risks associated with bitcoin trading.
What you can do in Southland’s new crypto mobile app feature
Buying and selling bitcoin through the Southland CU mobile app is fast and easy. Eligible Members can access the Crypto page today in the Southland mobile app menu. From there, follow the simple on-screen prompts to enroll. Select one of your Southland checking or savings accounts to fund your purchases, and you’re all set to start buying and selling.
Each time you access the Crypto page you’ll see your current balance. The current market value will also be displayed, along with your recent activity and some helpful links to educational resources. Making a bitcoin purchase is simple and transparent – you enter the amount you wish to purchase, and the app will show you your summary with all the details of your purchase. When you tap again to complete your purchase, funds are automatically debited from your account. Similarly, making a bitcoin sale is just as simple as making a purchase.
At this time, bitcoin is the only cryptocurrency available to purchase, but Southland will consider other cryptocurrencies in the future.
Limited time promotion: Get $5 in free bitcoin*
For those who are ready to get started, Southland is offering $5 in free bitcoin to anyone who opens a bitcoin account before October 18, 2022. To claim this offer, simply log into the Southland CU app, access the Crypto page, agree to the terms and conditions, and open your bitcoin account!