What To Know About SCFCU Entering the Digital Asset Space
St. Cloud Financial Credit Union recently announced the upcoming launch of the CU-Digital Asset Vault™, a first-of-its-kind groundbreaking solution that will revolutionize the way you manage your digital assets while doing so in a simple, safe and secure manner.
This cutting-edge platform is designed to provide you with enhanced security, convenience, peace of mind and more while ensuring the security and accessibility of your digital assets.
SCFCU recognizes that not all members may have an interest in learning about or engaging with the Blockchain or Digital Asset space, either now or in the future. We understand and respect that individual preferences and interests may vary, just like with any other product or content introduced.
However, considering the significant member interest in this area and the abundance of publications from esteemed financial authorities in recent years, SCFCU wants to equip members with knowledge surrounding a subject that could potentially impact all of us to varying degree.
SCFCU is here to assist you through this journey the same way we have for the last 94 years. Part of that assistance is through informational, fact-based education for the sole purpose of facilitating learning, regardless of your knowledge level or interest in the Blockchain or Digital Asset space.
What Are Digital Assets?
Digital Assets broadly represents value in digital form. Digital Assets include Cryptocurrencies, stablecoins and nationally backed central bank digital currencies. With our CU-Digital Asset Vault™, members can store digital assets such as Bitcoin, Ethereum and USDC.
Digital Assets can be used as a form of money or be a security, a commodity or a derivative of either. Digital Assets can be exchanged across digital asset trading platforms, including through centralized and decentralized finance platforms or peer-to-peer technologies.
In our educational publication series “In The Know,” we go more in-depth on aspects and avenues of Digital Assets, including information on Cryptocurrency and the blockchain, Web3, Decentralized Finance and Central Bank Digital Currencies, Digital Asset Wallets and more.
Is Having Digital Assets Safe?
Like everything we do at SCFCU, the safety and security of our members and their assets is paramount. SCFCU understands that the Digital Asset space isn’t for everyone. Rest assured, we remain fully committed to our traditional banking services and sound financial practices.
Like other banking methods and services, the concern of fraud and scams have surrounded Digital Assets over the years. Cryptocurrency and Digital Assets themselves are not a scam, but like financial services, keeping your information in a secure location and not giving out important information to anyone other than your financial institution are just a few steps to limit the potential of fraud and scams.
When it comes to the CU-Digital Asset Vault™, like with all of the services we offer, SCFCU will NEVER call you to request the following:
Your account information
Your CU-Digital Asset VaultTM credentials (username and/or password)
Your full social security number (SSN)
Your personal information such as address, email address or other individuals associated with your account
The transfer of assets out of your vault
To learn more about fraud prevention and how to keep your accounts safe, view our tips and resources on how to keep your information safe and secure.
Will This Commingle With Other Assets?
With SCFCU being the first in the nation to offer a service like the CU-Digital Asset Vault™, we understand there are questions around this platform, given it is unlike anything else that has been introduced.
With our CU-Digital Asset Vault™, the funds stored within the digital vault are kept separate from the credit union’s balance sheet and other members’ funds. There is no commingling of digital assets with other member assets.
SCFCU will never touch your digital assets and we do not recognize them on our balance sheet. Your digital assets are stored on the blockchain in your specific wallet. The vault securely stores the keys to your wallet and your assets never leave the blockchain. Think of it like the physical vault in our branches.
Our involvement in digital assets is just one part of our broader mission to offer diverse, secure financial solutions, ensuring that all our members' needs are met—no matter where you are on your financial journey. We are excited to soon offer this first-of-its-kind platform to our current and future members!