PART 1: What credit unions should know about cryptocurrencies in 2021

by The CU Lab

There have been substantial developments in cryptocurrencies lately, but what does it all mean for your credit union? We’re talking with Larry Pruss, Senior Vice President at SRM, on recent news, trends, and policy events on cryptocurrencies, and specific use cases emerging around crypto integrations in financial services.

Key Takeaways:

  • [04:34] The daily trading volume is about $50 billion with about 1000 transactions a day. The average transaction size is $300,000-$400,000. The medium transaction is about $1k.
  • [04:54] There are about 11,000 bitcoin ATMs in the U.S. and about 15,000 worldwide.
  • [13:11] Creating a digital wallet to transfer bitcoin offers people a place to store value independent of traditional banking. Most wallets also allow users to send and accept digital assets worldwide.

 

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