Idaho’s Largest Credit Union Integrates Bitcoin
- Idaho’s largest credit union has integrated Bitcoin services into its platform.
- Idaho Central Credit Union customers can now buy, sell, and hold BTC from their bank accounts.
The largest credit union in Idaho, USA has integrated Bitcoin services into its banking platform, allowing its customers to buy, sell and hold BTC in their accounts. The new feature was made possible through a partnership between Idaho Central Credit Union (ICCU) digital banking solutions provider Alkami Technology Inc. and institutional bitcoin broker NYDIG.
“ICCU’s focus on member experience and providing a wide range of solutions has earned it a reputation as one of the nation’s leading credit unions, and its decision to implementing bitcoin services through NYDIG and the Alkami platform can accelerate this growth,” Patrick Sells, chief innovation officer at NYDIG, said in a statement.
Alkami provides US banks and credit unions with cloud-based banking solutions. In June, the company added NYDIG to its Gold Partner program to allow its institutional clients to easily add bitcoin buying and selling capabilities to their platform. ICCU is the latest institution to benefit from the partnership and integrate Bitcoin services into its platform, allowing its clients to buy, sell and hold the asset.
NYDIG will provide the back-end bitcoin trading and custody services, allowing ICCU clients to be exposed to the dollar price of bitcoin. Given the custodial aspect of the feature, ICCU customers will not be able to take charge of their purchased BTC, a significant inconvenience for those who want the financial independence that Bitcoin affords. As custodian, NYDIG will effectively provide ICCU account holders with a bitcoin IOU.
The new addition serves as a convenient on-ramp for reluctant customers looking to gain initial exposure to bitcoin. Over time, however, there is a natural incentive for investors to buy and hold bitcoin themselves, the only way to truly take advantage of bitcoin’s value proposition of freedom and sovereignty.