Frankenmuth Credit Union first MI company to offer crypto platform

Josh Herman, CEO of CU Digital One, said that Coinbase put out the statistic that 52 million Americans have some form of digital asset and based on Frankenmuth Credit Union’s outflows they know that members have money going off to third-party groups like Robinhood, Coinbase and other platforms.

He added that they are not just any partner in the crypto space, but one that could provide a safe solution for the members to access the funds from their already trusted financial institution, in this case, Frankenmuth Credit Union.

“Frankenmuth Credit Union is committed to ensuring our members have every chance to achieve financial success,” Vickie Schmitzer, CEO of Frankenmuth Credit Union said in a press release. “This means keeping up with new technology, such as developments in AI and automation and capitalizing on opportunities to deliver innovative products and services. We are excited that FCU members now have a safe and convenient way to buy, sell and manage cryptocurrency from a trusted source, courtesy of their hometown financial institution.”

Hollie Britton, the director of project management at Frankenmuth Credit Union, added that being in one place is a benefit for its members.

“About two years now we’ve been studying and doing our due diligence on trying to figure out what would be the right way for Frankenmuth Credit Union to get into the digital asset space,” Britton said. “We wanted to find a way to bring an offering, along with the education piece of it to help members feel more comfortable if that’s something they want to do.”

Britton said that since they are partnering with CryptoFi, they can handle membership data and information in a safe regulated space. She added that members will be able to have access to their crypto wallets in the same space where they handle their other financial needs, either through the mobile app or online banking.

The platform will be integrated into the online banking and mobile app for members to use their checking accounts to transfer money to either buy or sell Bitcoin or Ethereum, with Britton saying that possible expansions into other coins could happen down the line. On Frankenmuth Credit Union’s website, there are FAQs to help people who want to learn more about accessing cryptocurrency through Frankenmuth Credit Union. 

“Credit Unions are supposed to be a community’s trusted financial institution, so that means when (Frankenmuth Credit Union) partners with a company like CryptoFi, there is an inherent trust there that the credit union has done their due diligence,” Herman said. 

Frankenmuth Credit Union has branches in Bad Axe, Elkton, Harbor Beach, Pigeon and Sebewaing, with the Sebewaing branch currently working on a brand-new building. In total, there are 28 branches across Bay, Huron, Saginaw and Tuscola counties.

For more information on Frankenmuth Credit Union’s new cryptocurrency services, visit frankenmuthcu.org/cryptocurrency/.