St. Cloud Financial Credit Union Holds More Than 20 Bitcoin
CEO Jed Meyer described a patent-pending custody model that gives members individual ownership of Bitcoin held in a multisignature vault.
St. Cloud Financial Credit Union holds more than 20 Bitcoin (BTC) in custody vaults for members, using a model that gives each member individual ownership of the assets.
CEO Jed Meyer described the patent-pending hybrid custody model, which keeps members’ Bitcoin in a multisignature vault. A multisignature vault requires multiple keys to authorize transactions.
The interview also discussed direct Bitcoin buying and selling, as well as plans involving the Lightning Network.
Other topics included stablecoins, Minnesota custody law, National Credit Union Administration examinations and the CLARITY Act. The conversation also covered Cloud Dollar and the cooperative ownership model, along with how credit unions decide which digital assets to offer.
The interview compared credit union custody with Bitcoin exchange-traded funds. It also examined how a credit union can incorporate digital assets into its services and ownership structure.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.