In a stride towards embracing digital currency, WeStreet Credit Union, based in Tulsa, Oklahoma, has unveiled a Crypto Portal to facilitate the buying, selling, and holding of cryptocurrencies for its members and the general public. Initially launched in August 2023 as a members-only feature, the portal extended its access to the public in October.
Cryptocurrencies, decentralized digital assets like Bitcoin and Ethereum, have primarily been traded on unregulated online platforms, posing a significant risk to investors. This risk has been exemplified by the loss of billions of dollars in digital assets over recent years on such platforms. However, WeStreet Credit Union aims to mitigate such risks through its Crypto Portal. The credit union, a federally regulated entity, offers a secure environment for cryptocurrency transactions, ensuring a level of trust and reliability often lacking in digital-only crypto exchanges.
WeStreet has joined forces with a Qualified Crypto Custodian, a trust company, to enable the management of digital assets through its online banking app, thereby providing a safer avenue for handling cryptocurrencies. The custodian, subjected to financial and technological audits, ensures robust safeguarding of digital assets. WeStreet proactively monitors crypto balances with this custodian multiple times daily, addressing any discrepancies promptly, as stated by WeStreet Credit Union President and CEO Greg Gallant.
The portal also introduces an audited ledger system to monitor customers’ crypto assets and account activities meticulously. This initiative allows the credit union to swiftly address and resolve any issues or discrepancies, ensuring that users have uninterrupted access to their funds for buying, selling, or holding at their convenience. In addition to facilitating secure transactions, the platform provides a selection of widely circulated coins like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Stellar, with plans to include Coins Avalanche and Chainlink by the end of October.
WeStreet Credit Union, established in 1943, has continually evolved to meet the financial needs of its growing membership, which now stands at over 56,000 members, with assets exceeding $970 million. This Crypto Portal reflects WeStreet’s ongoing commitment to adapting to the digital currency realm while upholding the community-centric ethos it was founded upon.
Image source: Shutterstock