Oklahoma-based WeStreet Credit Union has partnered with Etana Custody and CryptoFi to offer its customers access to secure and regulated cryptocurrency services.
It is the first credit union client of Etana Custody as the digital asset solutions provider aims to expand access to secure crypto services for credit union customers.
CryptoFi is providing “cryptocurrency-as-a-service” (CaaS) functionality, according to Etana.
“Our members have shown a strong demand for digital assets, and as a credit union, we place their financial wellbeing as our top priority,” said Eric Hilaire, chief digital officer of WeStreet Credit Union.
Etana’s ambition is to facilitate cryptocurrency trading for “several” credit unions, it said, by acting as custodian while CryptoFi provides the trading technology. Etana’s offering is designed to help financial institutions “efficiently generate revenue from digital asset services while retaining customers who may seek alternatives”, the company said.
Etana CEO Brandon Russell said: “Concerns surrounding the storage of digital assets are growing among financial institutions, prompting a greater demand for a regulated custodian. By leveraging our robust custodial platform and comprehensive digital asset trading, clearing, and settlement services, we are capable of delivering bank-grade security that credit unions can rely on to provide the highest trust and confidence to their members.”
The announcement follows Nasdaq halting the launch of its digital asset custodian platform last month as a result of regulatory uncertainty. Industry commentators noted that the tumultuous state of the crypto industry due to last year’s crypto market crash and recent SEC actions that have highlighted the need for regulated custodians.
Earlier this year, the Federal Reserve denied an application by Custodia Bank to become a federally-registered custodian for digital assets.