DENVER, CO (August 16, 2017) – CULedger, blockchain technology used to provide credit unions and their members with innovative, cutting-edge products and services, announced the formation of CULedger, LLC, a new credit union service organization (CUSO). Credit unions will have a majority ownership in the newly formed CUSO.
“CULedger is an opportunity for credit unions to be leaders of innovation in financial services,” Rudy Pereira, President/CEO Premier America Credit Union and chairman of the CULedger steering committee. “Getting involved now in CULedger and CULedger, LCC will offer credit unions the ability to participate in shared-ledger technology that is on path to reshape the credit union industry as a whole in the years to come.”
At its core, shared-ledger technology creates an online system through which multiple certified parties can securely exchange information and conduct transactions with those exchanges certified by all the organizations–called nodes–participating in a permissioned network using industry-leading distributed ledger technology that is being adopted by financial institutions worldwide.
CULedger began in 2016 as an endeavor between CUNA and Mountain West Credit Union Association to develop a concept for a credit union system-wide permissioned distributed shared ledger platform. It has since grown with collaboration between CUNA, the Mountain West Credit Union Association, Best Innovation Group, and other credit union system partners.
CULedger is planning informational sessions for credit unions interested in investing in the new CUSO in September and October. There will also be a search for a CEO for the blockchain network following the investor sessions. Anyone interested in receiving more information about these informational sessions can express their interest here.
CULedger is a credit union industry initiative for developing innovative applications of distributed ledger technology. Supported by the efforts of the Credit Union National Association, the Mountain West Credit Union Association, Best Innovation Group, credit union system partners and credit unions, CULedger will benefit credit unions and their members by reducing risks associated with cybersecurity and fraud, improving member experience and cutting costs. For more information, visit culedger.com.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.
About the Mountain West Credit Union Association
The Mountain West Credit Union Association is the regional tri-state trade association representing 124 member credit unions, 3.2 million credit union members and $38 billion in assets throughout Arizona, Colorado and Wyoming. Not-for-profit in nature, credit unions provide low-cost financial services to their members. Founded in 2011, the Mountain West Credit Union Association serves and supports the interests of member credit unions through advocacy, community outreach, education and training, public affairs, regulatory and compliance services and strategic partnerships. The Mountain West Credit Union Association is affiliated with Credit Union National Association (CUNA), World Council of Credit Unions (WOCCU) and CUNA Mutual Group. Follow us on twitter at twitter.com/mwcua or on Facebook at facebook.com/mwcua. To learn more about credit unions visit AsmarterChoice.org.
Contact: Vicki Christner – CUNA Communications; 202-329-9950; firstname.lastname@example.org