WeStreet Credit Union Launches Crypto Portal
New, secure way to buy, sell, and hold cryptocurrency
In an exciting new venture, WeStreet Credit Union has announced a new Crypto Portal for users to buy, sell and hold their digital currency. The portal was launched in August as an exclusive members-only feature and became available to the public this month.
Cryptocurrency is a general term for any decentralized digital currency, like Bitcoin or Ethereum. These cryptocurrencies are maintained by a peer-to-peer network of computers on a public ledger called blockchain. In the past, crypto was most often traded via unregulated online exchanges. While digital-only exchanges often come with a risk for users, WeStreet’s Crypto Portal aims to change that.
“At WeStreet, we always keep our community, their needs, and their financial goals top of mind. Right now, many of our members and the broader community are looking for an accessible, all-in-one way to invest in cryptocurrency,” said WeStreet Credit Union President and CEO Greg Gallant. “We want to empower users and make sure they feel confident in their cryptocurrency ventures, and we believe our Crypto Portal is the best solution on the market for our community.”
Unlike unregulated digital-only exchanges, WeStreet Credit Union is a traditional, federally regulated credit union staffed by member service professionals, providing financial products designed to meet the needs of its members. WeStreet has partnered with a Qualified Crypto Custodian, which is a Trust company, providing users with a way to manage cryptocurrency assets through their online banking app. Many digital-only exchanges are unregulated, which has been a major cause of billions of dollars of cryptocurrency being lost in recent years. By using a combination of best-in-class systems, the regulated custodian WeStreet has partnered undergoes financial and technology audits, to ensure users’ digital assets are protected.
“We also independently monitor crypto balances with our qualified custodian several times a day and immediately work to resolve any discrepancies if any do appear," said Gallant.
WeStreet also utilizes an audited ledger to keep track of customers’ crypto assets and monitor their account activities, which allows the credit union to better serve users by quickly addressing and resolving any issues or discrepancies. Users will always have access to their funds to purchase, sell, and hold at any time, empowering them to make informed financial decisions that best serve their needs.
A variety of the most popular and highly circulated coins are available for purchase on the platform, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Stellar. Coins Avalanche and Chainlink will be added to the platform in late October.
More information on the Crypto Portal can be found at westreet.org/crypto-portal.