WeStreet Credit Union, located in Tulsa, Oklahoma, has taken a significant step towards embracing digital currency by introducing a Crypto Portal. Initially, the platform was exclusively available to members when it first launched in August 2023, but as of October, it’s accessible to the general public as well.
Cryptocurrencies, which are decentralized digital assets like Bitcoin and Ethereum, have historically been traded on unregulated online platforms, exposing investors to considerable risks. The cryptocurrency market has witnessed the loss of billions of dollars in digital assets over recent years due to issues on these platforms. However, WeStreet Credit Union is striving to address these concerns with its Crypto Portal. As a federally regulated institution, the credit union provides a secure environment for cryptocurrency transactions, offering a level of trust and reliability often absent from digital-only cryptocurrency exchanges.
WeStreet has collaborated with a reputable Crypto Custodian, a trust company, to enable the management of digital assets within its online banking app. This partnership ensures a safer and more secure approach to handling cryptocurrencies. The custodian undergoes rigorous financial and technological audits, guaranteeing the robust protection of digital assets. WeStreet is actively monitoring crypto balances in conjunction with the custodian on a daily basis, swiftly addressing any discrepancies, as confirmed by WeStreet Credit Union President and CEO, Greg Gallant.
The portal also introduces a meticulously audited ledger system to monitor customers’ crypto assets and account activities, allowing the credit union to promptly address and resolve any issues or discrepancies. This ensures uninterrupted access to funds for buying, selling, or holding at users’ convenience. Additionally, the platform offers a selection of popular coins, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Stellar, with plans to add Avalanche and Chainlink coins by the end of October.
Founded in 1943
WeStreet Credit Union has continually adapted to meet the financial needs of its growing membership, which now exceeds 56,000 members and boasts assets exceeding $970 million. The launch of the Crypto Portal underscores WeStreet’s commitment to embracing the digital currency landscape while maintaining its community-centric founding principles.
