In 2023, InvestiFi assisted WeStreet Credit Union and Frankenmuth Credit Union in providing cryptocurrency investment options to their members. “At that time, many credit unions were hesitant to enter the market,” states Kian Sarreshteh, CEO and co-founder of InvestiFi.
However, the current landscape for cryptocurrencies is significantly better. Earlier this year, Bitcoin hit an all-time high above $124,000 and many other cryptocurrencies have also achieved notable milestones.
Cryptocurrency stocks are thriving, highlighted by the remarkable performance of the cryptocurrency platform Coinbase Global (COIN) and the successful public offerings of CoinDesk’s parent company Bullish (BLSH) and stablecoin provider Circle Internet (CRCL).
At the same time, the regulatory framework has become more supportive, as illustrated by the recent enactment of the GENIUS Act, or the Guiding and Establishing National Innovation for U.S. Stablecoins Act, which sets a foundation for stablecoins.
Recent regulatory guidance from the National Credit Union Administration has also simplified the process for credit unions to offer crypto services by collaborating with licensed providers. “These partnerships enable credit unions to facilitate crypto investments without directly handling digital assets,” explains Felix Shipkevich, a special professor of law at Hofstra Law.
Given these changes, credit unions are increasingly keen to adopt digital investing solutions. InvestiFi continues to collaborate with various institutions including Florida’s Ocala Community Credit Union, Nevada’s Clark County Credit Union, and Oklahoma’s Citizens Bank of Edmond. “Credit unions recognize that if they don’t provide crypto options, their members will seek third-party platforms,” notes Sarreshteh.
