PSCU launches crypto site for credit unions
Payment credit union services organization PSCU announced on Wednesday (April 27) that it is launching a new cryptocurrency microsite, which will be “targeted and curated specifically” for credit unions.
The site will serve as a “continuously updated” center for information and educational resources for digital assets, according to the press release.
Credit unions cannot hold the value of cryptocurrency in federally insured deposits, according to the release, but the National Credit Union Administration (NCUA) said credit unions have the ability to opt out. partner with crypto service providers to give members the ability to buy, sell and hold digital assets in certain ways.
The microsite would help credit unions learn about how crypto works, with the changing assets and landscape. The site will feature videos, such as a downloadable educational video to share with credit union boards and staff, as well as blogs, white papers and other helpful content.
“There’s no doubt that cryptocurrency is a hot topic in today’s financial landscape, with many credit union members already active and others curious to learn more about it,” said Scott Young, Vice President of Innovation and Design at PSCU. “Due to a lack of regulatory guidance so far, credit unions have refrained from any involvement in cryptocurrency, the landscape is rapidly changing, making this the optimal time for credit unions to form.
“We hope credit unions can use this new resource to educate their staff and members, assess associated risks, and make informed decisions about participating in this rapidly evolving payment technology.”
Earlier this week, PYMNTS wrote that PSCU will work with Amount, which offers omnichannel services and buy now, pay later (BNPL).
See also: PSCU Partners with Amount to Provide Credit Card Issuance Services to Credit Unions
PSCU reportedly wanted to find a technology provider with “best-of-breed” functionality for digital credit card mining and lending, as the digital landscape has evolved with customers wanting greater breadth of lending. ‘immediacy.