- Southland Credit Union will offer services to its customers allowing them to buy, sell and hold bitcoins on a custody platform.
- Southland’s custodian partner is bitcoin bank NYDIG, making it the second credit union in the region to offer NYDIG’s services.
- Users cannot transfer bitcoins from one wallet to another, instead a user would have to sell their coins and withdraw fiat funds to exit the platform.
Southland Credit Union – a billion-dollar institution – is now the second credit union in Southern California to allow customers to buy bitcoin through its mobile banking app, according to a Press release.
The bitcoin purchases were made possible through a partnership with bitcoin bank NYDIG, which specializes in providing infrastructure to businesses and institutions looking to offer bitcoin services to their customers. Users will be able to buy, sell and hold their bitcoins on NYDIG’s custody platform. However, users cannot currently transfer bitcoins from one wallet to another through the NYDIG service. But users can still sell their bitcoin and withdraw the funds if they wish.
The Los Alamito-based credit union is celebrating the release of this new feature by offering a limited-time promotion. Southland members who sign up for the service before October 18 will receive $5 in free bitcoins.
“Following the successful launch of our enhanced digital banking services in 2021, Southland is committed to continuing to provide cutting-edge technology to our members,” said Southland President and CEO Tom Lent. “Credit unions like Southland have the opportunity to provide safe and accessible cryptocurrency services to our members, and we are excited to integrate this technology into our digital banking platform.”
NYDIG was thrilled to partner with another institution in the region as it continues to achieve its goal.
“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 region to launch bitcoin services with NYDIG, this partnership is monumental for broader bitcoin adoption and marks a step closer to NYDIG’s vision of bitcoin for all.”