The feature was made possible by a partnership between the credit union’s platform provider and NYDIG.
- The largest credit union in Idaho has integrated Bitcoin services into its platform.
- Idaho Central Credit Union customers can now buy, sell, and hold BTC from their banking accounts.
The largest credit union in Idaho, U.S., has integrated Bitcoin services into its banking platform, enabling its clients to buy, sell, and hold BTC within their accounts. The new feature was made possible through a partnership between Idaho Central Credit Union’s (ICCU’s) digital banking solutions provider, Alkami Technology Inc., and institutional bitcoin broker NYDIG.
“ICCU’s focus on member experience and on providing a diverse array of solutions has enabled it to build a reputation as one of the nation’s leading credit unions, and its decision to implement bitcoin services through NYDIG and the Alkami Platform can supercharge that growth,” Patrick Sells, chief innovation officer at NYDIG, said in a statement.
Alkami provides U.S. banks and credit unions with cloud-based banking solutions. In June, the company added NYDIG to its Gold Partner Program to enable its institutional clients to easily add bitcoin purchasing 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 customers to buy, sell, and hold the asset.
NYDIG will provide the bitcoin trading and custody services on the back-end, enabling ICCU customers to get exposure to the price of Bitcoin in dollar terms. Given the custodial aspect of the feature, ICCU clients will not be able to take their purchased BTC into self-custody, a considerable downside to those wishing to benefit from the financial independence enabled by Bitcoin. As a custodian, NYDIG will effectively provide ICCU account holders with a bitcoin IOU.
The new addition serves as a convenient on-ramp for reluctant customers wishing to obtain initial bitcoin exposure. Over time, however, investors are naturally incentivized to purchase and custody bitcoin themselves, the only way to truly enjoy Bitcoin’s value proposition of freedom and sovereignty.