NYDIG Empowers Credit Union Members to Buy and Sell Digital Assets Through Trusted Source
For Release on February 21, 2023:
RANCHO CUCAMONGA, California – Co-op Solutions is partnering with NYDIG, the leading provider of digital asset solutions for the credit union industry, to empower members to access digital assets safely and securely via their credit union’s digital banking interface.
NYDIG joins Co-op’s newly launched Strategic Provider Program, giving credit unions access to pre-vetted, best-in-class products and services outside of Co-op’s core offerings and helping to streamline their procurement processes. Earlier this month, Co-op unveiled the program by announcing its first two partners, Origence (origence.com) and SavvyMoney (savvymoney.com). All three providers will be at Co-op’s CUNA GAC conference booth #741 to discuss the program on Tuesday, February 28, at 8:15 a.m. ET.
“Co-op’s partnership with NYDIG further reinforces our commitment to identifying best-in-class providers in markets that represent opportunity for credit unions,” said Dean Michaels, Chief Strategy Officer for Co-op. “NYDIG has built its reputation by meeting the highest compliance, audit and governance standards and has interacted with the NCUA on many digital asset issues. We are also impressed by NYDIG’s extensive pre-built digital banking integrations that allow for streamlined onboarding for thousands of credit unions and a white glove support model for every stage of the client lifecycle.”
NYDIG Joins Program as Leading Provider in Digital Assets for Credit Unions
NYDIG (nydig.com) offers solutions that unlock the power of digital assets through technology and institutional-grade finance for regulated financial institutions. Co-op is partnering with NYDIG to promote its digital asset platform, which is currently live and launching with more than 35 credit union clients.
NYDIG’s conservative posture on compliance and risk management makes it an ideal ally for credit unions who are new to the emerging digital asset space. NYDIG maintains appropriate licensing, including with the NYDFS (New York State Department of Financial Services), allowing it to operate in nearly every state. The company is registered with FinCEN and offers hands-on expert assistance and documentation to help clients with internal governance around digital assets.
In addition, digital assets acquired through NYDIG’s platform are held in a highly secure cold storage custody environment, developed and maintained by NYDIG and not connected to any routable network. NYDIG has settled more than $90 billion of digital asset flows in their custody system since inception in 2017 without interruption. Digital assets custodied by NYDIG through its credit union partnerships are held in trust, available for sale by members at any time and are never commingled with NYDIG’s own assets.
“We are proud to be a part of Co-op’s Strategic Provider Program and understand the tremendous opportunity the program provides to drive visibility and awareness for NYDIG among credit unions,” said Rahm McDaniel, Head of Business Development for NYDIG.
“Credit unions have experienced significant deposit outflows to external digital asset exchanges over the past few years – and, sadly, have seen members harmed by failures at some of those lightly-regulated exchanges,” McDaniel continued. “By embedding our platform into digital banking, credit unions can keep assets in their ecosystem and protect members by providing a well-vetted, highly-regulated, Big-4 audited digital asset solution within their existing member experience.”
How to Participate – As a Provider and as a Credit Union
Collaborating with best-in-class providers – particularly fintechs – and helping credit unions better compete in today’s demanding marketplace are at the heart of the Strategic Provider Program. Co-op plans to continually expand its roster of approved providers.
Potential participating providers can learn more about the Co-op Strategic Provider Program by visiting the webpage here.
Co-op clients interested in connecting with program providers can visit the webpage here. Clients can explore each provider’s profile page to learn more about their solutions and submit an inquiry to hear about preferred commercial terms to which they may be entitled.
NYDIG is a bitcoin company powering a more inclusive economic system. Delivering technology and financial services to businesses in a broad range of industries, its full-stack bitcoin platform is built to the highest security, regulatory and operational standards. NYDIG is the gateway to a new era of financial products that make bitcoin more accessible for all. Learn more at nydig.com or connect on LinkedIn and Twitter.