Idaho’s Largest Credit Union Incorporates Bitcoin

  • Idaho’s largest credit union has integrated Bitcoin services into its platform.
  • Idaho Central Credit Union customers can now buy, sell and hold BTC from their bank accounts.

The largest credit union in Idaho, United States, has integrated Bitcoin services into its banking platform, allowing its customers to buy, sell and hold BTC on their accounts. The new functionality was made possible through a partnership between Idaho Central Credit Union (ICCU) digital banking solutions provider, Alkami Technology Inc., and institutional bitcoin broker NYDIG.

“ICCU’s focus on member experience and providing a wide range of solutions has allowed it to build a reputation as one of the country’s leading credit unions, and its decision to implement implementing bitcoin services through NYDIG and the Alkami platform can drive that growth, ”Patrick Sells, chief innovation officer at NYDIG, said in a statement.

Alkami provides cloud-based banking solutions to US banks and credit unions. In June, the company added NYDIG to its Gold Partner program to allow its institutional clients to easily add bitcoin buying 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 clients to buy, sell and hold the asset.

NYDIG will provide the back-end bitcoin trading and custody services, allowing ICCU clients to gain exposure to the dollar price of Bitcoin. Considering the retention aspect of the feature, ICCU customers will not be able to keep their purchased BTC, a significant drawback for those who wish to benefit from the financial independence that Bitcoin allows. As a custodian, NYDIG will effectively provide ICCU account holders with bitcoin IOUs.

The new addition serves as a convenient ramp for reluctant customers looking to gain initial bitcoin exposure. Over time, however, there is a natural incentive for investors to buy and hold bitcoin on their own, the only way to truly profit from Bitcoin’s value proposition of freedom and sovereignty.