CULedger, a credit union industry blockchain initiative, has announced the formation of CULedger, LLC, a new credit union service organization (CUSO).
Unveiled last year, CULedger is an endeavor between Credit Union National Association (CUNA) and Mountain West Credit Union Association to develop a concept for a credit union system-wide permissioned distributed shared ledger platform. Since then, it has grown with collaboration between CUNA, the Mountain West Credit Union Association, Best Innovation Group, and other credit union system partners.
According to the official announcement, credit unions will have a majority ownership in the newly formed CUSO. CUSOs are corporate entities 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,” 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.”
CULedger is considering to hold informational sessions for credit unions interested in investing in the new CUSO in September and October. This will be followed by a search for a CEO for the blockchain network.
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