Southland launches mobile cryptocurrency service

Southland Credit Union launches mobile cryptocurrency service alongside $5 bitcoin promotion

Southland is the second credit union in the Southern California area to offer cryptocurrency buying and selling services through NYDIG

Los Alamitos, CA (June 18, 2022) – Southland Credit Union, a billion-dollar credit union, today announced the company’s partnership with NYDIG, a leading bitcoin company. As the latest early adopter of cryptocurrency services, Southland will be the second credit union in the Southern California area to offer cryptocurrency buying and selling services. Through a fully integrated digital banking mobile app feature, Southland Credit Union Members can now buy, sell and hold bitcoin in a secure digital account. 

The Los Alamitos-based credit union is the second credit union in the Southern California area to launch cryptocurrency services with NYDIG. To celebrate the rollout of the new cryptocurrency feature, Southland Members that enroll 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.”

Southland’s cryptocurrency mobile app feature will offer quick and easy enrollment, no hidden fees and the convenience of funding bitcoin purchases directly from a Southland account.

While bitcoin will initially be the only digital currency available to buy and sell in the credit union’s mobile app, Southland intends to explore ways to expand its cryptocurrency offerings in the future. Southland’s digital banking provider Alkami has also partnered with NYDIG to facilitate the delivery of the mobile feature to app users. 

“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.”

Southland Credit Union membership is open to anyone who lives, works, worships or attends school in Los Angeles County or Orange County, California.

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Bitcoin execution and custody services are provided by NYDIG Execution LLC (“NYDIG”). NYDIG is authorized by the New York State Department of Financial Services to engage in virtual currency business activity. To receive bitcoin services you must open an account with NYDIG in which your bitcoin will be held (the “NYDIG Account”). Please refer to NYDIG’s Terms and Conditions for more information, including applicable eligibility criteria. Bitcoin balances in your NYDIG Account are not insured by the Federal Deposit Insurance Corporation (FDIC), National Credit Union Share Insurance Fund (NCUSIF), the Securities Investor Protection Corporation (SIPC), or any other public or private insurer. NYDIG does not make any recommendations regarding buying or selling bitcoin. There are risks associated with bitcoin trading, including possible loss of value. See Terms.

*$5 bitcoin offer: You must have or open a NYDIG Account through your participating financial institution or financial service provider to qualify. The bitcoin will be credited to your NYDIG Account on the following day after your NYDIG Account is opened, provided your NYDIG Account was opened before midnight Eastern Time. The bitcoin may be credited to your account at a later time if the offer is made available to you after opening your NYDIG Account. The amount of bitcoin credited to your NYDIG Account will be based on the price of bitcoin at the time the order is executed, which is the CME CF Bitcoin Reference Rate as of 4:00pm London time. The amount of bitcoin earned must be held in your NYDIG Account for a minimum of 6 months during which time you may not be able to sell such bitcoin. You may be unable to close your NYDIG Account without forfeiting the bitcoin during such time. You must be eligible to open a NYDIG Account and receive any related product or service offered by your participating financial institution or financial service provider. Only one award per member. Limited time offer. See NYDIG’s Terms and Conditions for additional information.