Credit Unions and Bitcoin - where do we go from here?

Unifimoney Communications

Credit Unions and Bitcoin - where do we go from here?

Remember the hot moment during 2022 when NYDIG burst onto the fintech and community banking stage with their promise of "Bitcoin for all".

Spending their budgets dominating money2020 fintech meetup and every Banking conference. Many Online Banking platforms invested and integrated them. Some innovative Credit Unions took the opportunity to launch with them. Bitcoin was going to the moon, NCUA was encouraging of crypto and NYDIG had raised $720m - what could go possibly go wrong?

Then it did and NYDIG withdrew in 2023.

This burning of collective fingers made online banking platforms and the most innovative FI's in the market lose all enthusiasm for digital wealth management as a whole. Once bitten twice shy.

Meanwhile Robinhood Wealthfront and captured the attention of millennial and Genz consumers entering investing for the first time and leaving CommunityFI's locked out of the market.

Now Bitcoin is back, investor sentiment is sky high and investment platforms are successfully competing with banks for deposits and payment volume.

What now for FI's?

1. Renewed interest from online banking platforms. The focus is on holistic wealth management vs get rich quick schemes. The value proposition is the convenience of banking and investing in one place. Offering a more compelling solution and feature not a worse one.

2. Fintech risks better understood. Online Banking Platforms and FI's are gun shy of small seed stage fintechs. The bar for working with a Fintech is much higher and they need to demonstrate that they are properly backed for the long term.

3. Traditional Wealth Managers are getting involved. The minority of mostly larger FI's with a dedicated wealth management group are recognizing the need for small account solutions, virtual and on demand advice models and the role of alternative assets in capturing the attention of younger less affluent customers now so that they buy their services when they are older. These teams are actively shopping for solutions for their banking channels.

4. Its about the right service for the right customer at the right time - not one (risky) product for all. Its not sufficient to have just a Robo or self directed platform - but IRA, HSA, advisory services, financial planning software and services and more.

Unifimoney is a turnkey digital wealth management solution enabling Community FI's to compete with Fintechs and Big Brand Banks at speed, with no technical integration and low cost. We are owned by a large family office backed investment firm @Palm Ventures. If you would like to speak to us please reach out or visit our website.

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• You must be a Shop Your Way member to be eligible for this promotion. Membership is free. Sign up here.
• Must be a new Unifimoney customer and pass KYC (verification) processes for all partners to be issued an account.
• Existing Unifimoney customers are not eligible at this time.
• You must fund your account using Astra and/or P2P transfer.
• Users must hold at least $100 initial funding, at least $100 in crypto, at least $100 in metals, and at least $100 in equities in their account for more than 60 days.
• All missions must be completed within 30 days after account registration and before the offer expires.


**Terms and Conditions of the Shop Your Way Missions Promo. Offer only available to users who have previously created an account with Shop Your Way. Offer only available to US residents (excluding residents of Hawaii). Limited time offer. Promotion begins on PLACEHOLDER and may end any time at the discretion of Unifimoney. Offer not available to new users who were not referred to Unifimoney through the Shop Your Way referral program. Offer not available if a Unifimoney account was previously opened using the same(or different) contact information. Limitations exist on max payout per user at the discretion of Unifimoney. Rewards will be recognized on a mission-by-mission completion basis. First Mission must be completed before an account is credited with a reward. Eligible customers must complete all missions in order to receive the max reward. Max payout requires the opening of an account,  funding of said account, and completion of all Missions set forth by Unifimoney Inc. before the end of the promotional period. The promotional period is determined at the sole discretion of Unifimoney. Unifimoney may update the terms and conditions for eligibility at any time. Rewards distribution will be in Gemini dollars (GUSD) and credited, if applicable, to your Unifimoney cryptocurrency account and is tradable only within the Unifimoney app. Reward recipients are able to convert GUSD to BTC immediately. Conversion of GUSD to Cash may take two or more days to reflect. No refunds are available. Users may contact Unifimoney at appsupport@unifi.money with further questions.
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