In a recent Bitcoin Magazine interview, Chief Lending officer Chase Larson and CEO Jed Meyer from St. Cloud Financial Credit Union in Minnesota discussed its experiences with Bitcoin, and the efforts it has made to create a bitcoin custody system at the credit union. Larson talked about his own journey, which began in 2016, with digital assets. He also shared how he realized the importance of providing resources and education to those interested in Bitcoin. He joined the credit Union in 2021, and focused on connecting people to resources and education related to cryptocurrency.
Meyer stressed the importance of understanding Bitcoin services material needs in their community. He outlined a four-step strategic approach which prioritizes education, storage and transactional capability before banking products. Meyer’s focus on education is a means to change the narrative about Bitcoin and address concerns and risks associated with it.
Larson said that the credit union has been developing a bitcoin custody solution that is operational, but not ready to be launched for their 25,000 members. Credit unions have prioritized education, both internally and outside the organization. They want to ensure that employees and members are aware of the risks and complexities associated with cryptocurrencies. The credit union aims to be a trusted partner for its members by offering safe storage and guidance, without recommending specific investments.
Larson said that from an educational standpoint, they decided to start at the very beginning. We’re going walk our members through a high-level education to help them be more informed. Then, for those who choose to enter the market, we hope they will make better decisions and be more aware of the risks.
In the interview, they also discussed their collaborative approach to regulators in order to ensure responsible implementations of their Bitcoin services. Larson and Meyer think that they can have a big impact on the regulatory landscape by focusing on education and storage. They are currently in discussions with regulators to include their feedback in the development of policies.
Meyer, when asked about the impact Bitcoin might have on traditional finance, said, “If you don’t do anything, I think that you are taking a greater risk in terms of where this industry will be headed and how it may impact us significantly.” If you don’t wish to be the one who is left behind, it’s best that you get involved.
Overall, St. Cloud Financial Credit Union’s approach to Bitcoin is a reflection of their commitment to educating members and working with regulators in order to navigate the ever-changing landscape of Bitcoin. self custody may be the safest way to store bitcoins, but credit unions are a great resource for education in a world that lacks knowledge about Bitcoin. Fedimints, for example, could be used to create custodial options that preserve the sovereign nature of Bitcoin while ensuring that those involved are comfortable.