A new credit union service organization (CUSO), CULedger, LLC, has been formed by CULedger, a credit union industry initiative developing applications of distributed ledger, or blockchain, technology. Credit unions will have a majority ownership in the new CUSO.
“CULedger is an opportunity for credit unions to be leaders of innovation in financial services,” said Rudy Pereira, president/CEO of Premier America CU, Chatsworth, Calif., and chairman of the CULedger steering committee. “Getting involved now in CULedger and CULedger LLC 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.”
Shared-ledger technology creates an online system through which multiple certified parties can securely exchange information and conduct transactions with those exchanges certified by all the organizations--called nodes--participating in a permissioned network using industry-leading distributed ledger technology that’s being adopted by financial institutions worldwide.
CULedger began in 2016 as an endeavor between CUNA and the Mountain West Credit Union Association (MWCUA) to develop a concept for a credit union system-wide permissioned distributed shared ledger platform.
It has since grown with collaboration between CUNA, MWCUA, Best Innovation Group, and other credit union system partners.
CULedger is planning informational sessions for credit unions interested in investing in the new CUSO in September and October.
There will also be a search for a CEO for the blockchain network following the investor sessions.
Individuals interested in receiving more information about these informational sessions can request more information here.