Achieva Becomes Florida’s First Credit Union To Allow Customers To Buy Bitcoin

Achieva Becomes Florida’s First Credit Union To Allow Customers To Buy Bitcoin thumbnail
  • Achieva Credit Union is now the first credit union in Florida to allow customers purchase bitcoin.
  • The functionality was made available in a new application Tuesday. Customers’ curiosity about bitcoin grew after the credit union allowed third party services to allow bitcoin purchases.

Florida-based Achieva Credit Union became the first credit union to offer customers the ability to buy and sell bitcoin through a new app, according to a report from the Tampa Bay Times.

The app reportedly went live this past Tuesday through a partnership with bitcoin bank NYDIG, which specializes in connecting traditional financial infrastructure to the bitcoin ecosystem.

Previously, Achieva customers were only capable of making bitcoin trades through third-party applications. Tracy Ingram, chief of digital and infrastructure at Achieva explained that integration of the service into the credit union’s proprietary app would allow for greater access to its customers.

In fact, in the past year Achieva watched as $2.6 million of third-party bitcoin transactions took place, according to Ingram. The credit union has seen a lot of interest from customers since the enabling these extended services.

“They’ll come in, they’ll call and ask, ‘What are we doing? Ingram explained. “There are many consumers who are crypto-curious. This is also true for our members. They are looking for information and education on cryptocurrency. How does it all work?'”

Prior to the release of the new app, the credit union reportedly gave $10 to each of its employees to buy bitcoin for educational purposes, both personally and for a training exercise in the application. NYDIG added $5 per employee to the offer.

Transactions with bitcoin on the application will incur a 2% service fee and Achieva made it very clear that bitcoin deposits are not backed up or insured by the National Credit Union Administration.

On the subject of regulation, Ingram stated:

“From a compliance regulation standpoint, that’s always part of our focus, of really ensuring that we are working with those experts who know what’s coming.”

Read More