Credit Union Blockchain Initiative Formedbr>
Credit union industry blockchain initiative CULedger has formed a new credit union service organization (CUSO) called CULedger, LLC. Member credit unions will have majority ownership in the newly formed CUSO.
A CUSO is a corporate entity owned by federally chartered or federally insured, state-chartered credit unions to provide a specific product or service within the industry.
“CULedger is an opportunity for credit unions to be leaders of innovation in financial services,” said Rudy Pereira, president and 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.”
Unveiled last year, CULedger is the brainchild of the Credit Union National Association (CUNA) and Mountain West Credit Union Association (MWCUA). CULedger aims develop a concept for a credit union system-wide permissioned distributed shared ledger platform. It has since grown to include Best Innovation Group, and other credit union system partners.
CULedger is planning informational sessions in September and October for credit unions interested in investing in the new CUSO. There will also be a search for a CEO for the blockchain network following the investor sessions.