Cryptocurrency is an opportunity for credit unions to distinguish themselves in the technology space, Michigan Credit Union League President/CEO Patty Corkery wrote in CUInsight. Corkery said—while it’s easy to feel out of touch with the latest developments—credit unions need to find their role regarding crypto.
“From a credit union league perspective, our role is to provide our member credit unions education in the crypto space, as well as to remove any barriers prohibiting credit unions from safely entering this space, provided they have the desire,” Corkery wrote, noting research shows 25% of credit unions plan to offer cryptocurrency investing/trading by the end of 2023.
“Whether crypto is here to stay or not, I would like to see our credit unions get to a place where they safely explore their cryptocurrency options,” she wrote. “We’re often trying to dispel the myth that credit unions are not tech savvy; what better way to distinguish ourselves as tech players than offering crypto education by a financial advisor or surveying investment options?”