Stanford Federal Credit Union, comprised of members from the Stanford University community and technology companies in the Bay Area, has launched a cryptocurrency offering powered by NYDIG and Q2 Software Inc. for its members, which will allow them to buy, sell, and hold Bitcoin.
“Stanford FCU recognizes the power of cryptocurrency in today’s e-commerce ecosystem. We want to make the process of using Bitcoin as streamlined, secure and user-friendly as possible for our members,” stated Stanford FCU President & Chief Executive Officer Joan Opp. “We see both a need and opportunity here to support our members’ evolving needs while leveraging technology in a way that enables them to use cryptocurrency seamlessly in their everyday lives.”
“NYDIG is proud to partner with Stanford FCU to power its Bitcoin services in a secure and compliant way,” said Rahm McDaniel, Head of Banking Solutions at NYDIG. “A trusted institution like Stanford FCU wants to ensure the Bitcoin services offered to its clients meet the industry’s highest regulatory, audit, and governance standards and that is exactly what NYDIG provides. We are excited to partner with them to ensure their members have access to the opportunities associated with this emerging technology.”
“Stanford FCU serves a tech-savvy membership and they have done a great job of delivering innovative digital banking services powered by Q2,” said Jonathan Price, EVP of Emerging Businesses, Corporate and Business Development, Q2. “Now, through Q2 Innovation Studio, we are excited to work with NYDIG to enable Stanford FCU to offer Bitcoin services to meet their member needs.”
NYDIG is offering Stanford FCU members $5 in free Bitcoin to those who sign up in the first few months if members are interested in trying out the new fintech offering: www.sfcu.org/crypto.
Stanford FCU’s new crypto service offers:
- Easy signup and immediate access for current members
- Clear account information
- Bitcoin account management in Online Banking and the mobile app
- Automatic documentation for tax time
- Ironclad platform thanks to NYDIG, which adheres to the highest security, regulatory, and operational standards
According to the Pew Research Center, an estimated sixteen percent of U.S. adults say they have invested in, traded, or otherwise used a cryptocurrency[1]. To further educate its members about cryptocurrency, Stanford FCU has published the following FAQs article: What to know about cryptocurrency and scams.
In 2021, Stanford FCU saw nearly 25,000 buy and sell transactions by its members to and from crypto exchanges.
For more information about Stanford FCU and its latest member offerings, visit sfcu.org.