There are three mind-blowing facts in this podcast.
Number one: credit unions currently have a greater appetite for offering cryptocurrencies to members than do banks to their customers. The source of that is Kian Sarreshteh, CEO of CryptoFi, a crypto-as-a-service company formed to help traditional FIs to offer digital assets. His proof: CryptoFi has pivoted in the last year to focus on offering its products to credit unions.
Number two: NCUA is much more open to crypto than is FDIC, said Kian. So just when you think NCUA is a Stone Age relic chew on that.
Number three: the first credit union install for CryptoFi isn’t at a credit union in San Jose or Cambridge Mass or Brooklyn. It’s WeStreet, a $950 million institution headquartered in Tulsa OK.
On the show are Kian from CryptoFi and Eric Hilaire, chief digital officer at WeStreet.
Face reality: credit unions have to take steps to stop the outflow of member dollars into more contemporary asset classes, crypto is definitely on the list.
