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Southland Credit Union Launches Mobile Cryptocurrency Service Alongside $5 Bitcoin Promotion | News

LOS ALAMITOS, Calif.–(BUSINESS WIRE)–Jul 18, 2022–

Southland Credit Union, a billion-dollar credit union, today announced the company’s partnership with NYDIG, a leading bitcoin company. As the latest early adopter of cryptocurrency services, Southland will be the second credit union in the Southern California area to offer cryptocurrency buying and selling services. Through a fully integrated digital banking mobile app feature, Southland Credit Union Members can now buy, sell and hold bitcoin in a secure digital asset account.

The Los Alamitos-based credit union is the second credit union in the Southern California area to launch cryptocurrency services with NYDIG. To celebrate the rollout of the new cryptocurrency feature, Southland Members that enroll before October 18 will receive $5 in free bitcoin.

“After the successful launch of our enhanced digital banking services in 2021, Southland made a commitment to continue delivering cutting-edge technologies to our Members,” said Southland President and CEO Tom Lent. “Credit unions like Southland have an opportunity to provide safe and accessible cryptocurrency services to our Members, and we are excited to integrate this technology into our digital banking platform.”

Southland’s cryptocurrency mobile app feature will offer quick and easy enrollment, no hidden fees and the convenience of funding bitcoin purchases directly from a Southland account.

While bitcoin will initially be the only digital currency available to buy and sell in the credit union’s mobile app, Southland intends to explore ways to expand its cryptocurrency offerings in the future. Southland’s digital banking provider Alkami has also partnered with NYDIG to facilitate the delivery of the mobile feature to app users.

“NYDIG is thrilled to partner with the forward-thinking team at Southland,” said Rahm McDaniel, Head of Banking Solutions at NYDIG. “As the second credit union in the Southern California area to launch bitcoin services with NYDIG, this partnership is monumental for the wider adoption of bitcoin, and marks one more step towards NYDIG’s vision of bitcoin for all.”

Southland Credit Union membership is open to anyone who lives, works, worships or attends school in Los Angeles County or Orange County, California.

About Southland Credit Union

Southland Credit Union is a $1 billion credit union that serves more than 60,000 Members in Orange and Los Angeles Counties. Branch locations are in Long Beach, Los Alamitos, Downey, Carson, Santa Monica, St. John’s Health Center and the Los Angeles Federal Building in downtown Los Angeles.

Operating as a not-for-profit financial cooperative, Southland is dedicated to providing our Members with exceptional, comprehensive and innovative financial solutions, delivered with uniquely personal Southland service. For more information, visit https://www.southlandcu.org/digital-banking/cryptocurrency/.

View source version on businesswire.com:https://www.businesswire.com/news/home/20220718005009/en/

CONTACT: Matt Herrick

SVP Marketing & Financial Services

Southland Credit Union

mherrick@southlandcu.org

562-936-8713

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: APPS/APPLICATIONS TECHNOLOGY MOBILE/WIRELESS FINANCE BANKING PROFESSIONAL SERVICES DIGITAL CASH MANAGEMENT/DIGITAL ASSETS SOFTWARE CRYPTOCURRENCY

SOURCE: Southland Credit Union

Copyright Business Wire 2022.

PUB: 07/18/2022 12:00 PM/DISC: 07/18/2022 12:00 PM

http://www.businesswire.com/news/home/20220718005009/en

Copyright Business Wire 2022.


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Bitcoin rally falters as digital assets struggle to gain footing | Crypto News

June’s 41-percent drop for the world’s largest cryptocurrency is the steepest recorded by Bloomberg data going back to 2010.

By Bloomberg

Bitcoin, fresh off its biggest-ever monthly decline, whipsawed traders with wild swings on Friday as digital assets struggle to regain their footing.

The largest token rallied as much as 11.3% in Asia on Friday, briefly closing in on the $21,000 level. Bitcoin then quickly gave up most of those gains, trading around $19,400 at 11:30 a.m. in London. June’s 41% drop was the steepest in Bloomberg data going back to 2010.

Largest token extends period of volatility around $20,000 level

Bitcoin’s gyrations underscore the uncertainty looming over cryptocurrencies as investors struggle to assess how far central banks will go to tame rampant inflation. Adding to the confusion, major crypto players ranging from hedge fund Three Arrows Capital to lender Celsius Network have been thrown into disarray by the market selloff, raising the prospect of further contagion.

Euro-area inflation accelerated to a fresh record in June, with consumer prices jumping a faster-than-expected 8.6% from a year earlier. Inflation numbers for the zone have outpaced economists’ forecasts for 11 of the past 12 months.

Bitcoin “could be vulnerable to one more ugly plunge that could have many traders fearing a fall towards the $10,000 area” if the turmoil on Wall Street continues in the third quarter, Edward Moya, senior market analyst at Oanda Corp., wrote in a note. The token last traded at those levels in mid-2020.

The risks aren’t deterring El Salvador, whose President Nayib Bukele said on Twitter that the nation had again bought the dip, this time adding 80 Bitcoins at a price of $19,000 each.

Earlier this week, Michael Saylor’s Bitcoin-backed tech firm MicroStrategy Inc. said in a filing it had purchased another 480 coins worth about $10 million at the height of the crypto swoon.

Bitcoin has been gyrating around the $20,000 mark after crashing below $18,000 on June 18. The lack of direction is reminiscent of how the coin traded in the wake of the TerraUSD stablecoin collapse in early May, when it clung close to $30,000 for weeks before plunging again.

–With assistance from Brett Miller.


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Man convicted of drug charges must forfeit cryptocurrency | News

BOSTON (AP) — A man convicted of drug charges in federal court in Boston has been ordered by a judge to forfeit about $2 million worth of Bitcoin, the first judicial forfeiture of cryptocurrency in the federal District of Massachusetts, prosecutors said.

Binh Thanh Le, 25, of Brockton, described by prosecutors as the leader and organizer of a sophisticated drug trafficking operation that did its business on the dark web, was also sentenced last week to eight years in prison, according to a statement from the U.S. attorney’s office in Boston.

Le was indicted in June 2019. According to court records, he received large quantities of drugs in the mail from international sources, including ecstasy, Ketamine and Xanax. The drugs were sold on the dark web and shipped to customers throughout the U.S., prosecutors said.

Le was arrested in March 2019 when he met with undercover agents at a Norwood hotel to exchange $200,000 worth of Bitcoin for cash. More than 19 kilograms (42 pounds) of ecstasy, almost 7 kilograms (15.5 pounds) of Ketamine, nearly a kilogram (2 pounds) of cocaine and more than 10,000 counterfeit Xanax pills were seized during the investigation. He pleaded guilty in September.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.




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Winters past: Bitcoin plunge brings back memories of 2018 | Crypto News

Memories of 2018 are sparking fears that a repeat is playing out now after the world’s largest cryptocurrency plummeted 50 percent from its most recent high of almost $69,000 in November.

There are few things scarier for investors than a bear market — unless you’re involved in crypto, in which case a winter is worse.

The chilling term refers to a sharp slump, followed by a drop-off in trading and months of market doldrums — a phenomenon that memorably befell the crypto market in 2018. Bitcoin’s price plunged by more than 80% to as low as $3,100 from the end of 2017 through December of the following year, a period characterized by the boom-and-bust of initial coin offerings and several big banks shelving their plans to start cryptocurrency trading desks. Bitcoin wouldn’t reach a new high until December 2020, according to data compiled by Bloomberg.

Memories of 2018 are sparking fears that a repeat is playing out now after the world’s largest cryptocurrency plummeted 50% from its most recent high of almost $69,000 in November. The crypto universe has shed more than $1 trillion in market value on growing conviction that the Federal Reserve is set to start ratcheting back the ultra-accommodative policy settings that fueled a boom in risk assets. The pullback has hit all corners of the crypto ecosystem, from Bitcoin to memecoins and publicly listed crypto exchanges. While the collapse has been rattling enough on its own, it has spawned an even bigger concern that the pain may persist for many months, according to UBS.

“There’s this question of how do we characterize that and the nearest analogy is probably 2018, which is this idea of a crypto winter,” James Malcolm, head of foreign exchange research at UBS, said by phone. “It looks likely to be a fairly difficult and potentially prolonged period and therefore, the crypto winter analogy is quite good. Remember, the crypto winter in 2018 wasn’t just over the Northern Hemisphere winter months. It basically extended for a whole year — so it was a crypto winter that lasted effectively a year.”

Bitcoin's plunge brings memories of 2018's doldrums

Bitcoin on Tuesday continued to decline, falling as much as 3% to trade at $35,721. The coin has spent more than 60% of the year so far trading lower, posting only nine sessions in the green.

Mentions of “crypto winter” and “crypto ice age” have flooded social media amid the latest drop. “Gm gm — make sure you stay warm, crypto winter is in full force,” Twitter user @brycent_ posted on Monday, using the crypto shorthand for “good morning” to start his tweet. “Enjoy this #bitcoin winter,” user @mir_btc tweeted over the weekend.

To Antoni Trenchev, co-founder and managing partner at Nexo, there’s a definite chill in the air. Bitcoin has already satisfied half of his two-part crypto-winter definition: a sharp decline in prices.

“I’m not looking for a re-run of the last ‘crypto winter,’” he said. “Undeniably, there are regulatory and macro storms ahead, and another leg down to $28,000-$30,000 can’t be ruled out in the current risk-off climate.”

Unlike the winter of three years ago, investment in the crypto-sphere remains robust — at least for now. In January alone, crypto-exchange FTX announced the launch of a $2 billion venture fund to target Web3 opportunities, while the Financial Times reported that Andreessen Horowitz is looking to raise $4.5 billion for crypto funds. Of course, a prolonged slump could douse enthusiasm for the sector.

Outside of venture capital, companies are also looking to expand into corners of the crypto ecosystem. Filings with the U.S. Patent and Trademark Office show that Walmart Inc. is preparing to create its own cryptocurrency and non-fungible tokens. Meanwhile, GameStop Corp. reportedly is also planning to launch an NFT marketplace for gamers by the end of the year.

To Tacen Inc.’s Budd White, that momentum is a sign that the crypto complex is in the midst of repricing, rather than a freeze.

“I don’t believe we are entering a crypto winter because there is still increasing momentum on the build-side — we are just seeing more realistic pricing of what is currently built,” said White, chief product officer and co-founder at the software development company that builds open-source, blockchain-based software.

The looming threat of intensified regulatory action adds to the risks embedded in the crypto complex. The Fed is considering the launch of its own digital currency, while crypto mining’s energy use has attracted scrutiny from the U.S. Congress and foreign governments.

“The White House may soon unveil some national security challenges posed by cryptocurrencies and the Fed’s paper on central bank digital currencies didn’t answer any questions on if we will see a digital dollar or how they could work with stablecoins,” said Edward Moya, a senior market analyst at Oanda Corp. “The regulatory environment got a lot cloudier now.”

 




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