Digital assets and the future of finance – A case study with St. Cloud Financial Credit Union
![](https://www.cuinsight.com/wp-content/uploads/2022/03/jievani-weerasinghe-NHRM1u4GD_A-unsplash.jpg)
Digital assets are no longer the future; recently becoming an important voting bloc, they aren’t just here to stay, they may determine the outcome of this year’s presidential election. With an estimated 40% of all adults in the U.S. owning crypto, it’s time for financial institutions and regulators to face the facts – all two trillion ($2T) of them and counting. At DaLand CUSO, we’ve never been ones to shy away from data: if you don’t yet have a meaningful strategy to incorporate digital assets into your custody and onto your balance sheet, to incorporate this new form of money-data into your banking business, you’re already behind.
Cryptocurrencies and blockchain aren’t just for tech enthusiasts. Earlier this year Bitcoin secured an historic position by fueling the most successful ETF launch of all time. With institutional adoption reaching new highs, the United States government is exploring ways to hedge its bets; “As families struggle to keep up with soaring inflation rates and our national debt reaches new and unprecedented heights, it is time for us to take bold steps to create a brighter future for generations to come by creating a strategic Bitcoin reserve,” says Senator Cynthia Lummis. Digital assets are revolutionizing the way we think about and handle money. The benefits are clear: decentralized issuance, lightning-fast transaction speeds, enhanced transparency, low costs, and broader financial inclusion at a global level. These benefits come with many regulatory, compliance, and security challenges which local community cooperatives are uniquely positioned to overcome.
We’re calling on the credit union movement and the broader financial services industry to stop dragging their feet. Embrace these technologies and build relevant, valuable financial products or risk becoming the next Blockbuster Video in a Netflix era (or the record store operators at the advent of the iPod and iTunes).