FRANKENMUTH, Mich.—After a cryptocurrency setback within the CU industry following the collapse of FTX in late 2022 and the sudden departure of NYDIG within the CU industry not long afterward, new momentum for crypto is building.
The $1.4-billion Frankenmuth Credit union is one example, as the CU has expanded its crypto offerings.
Frankenmuth Credit Union has expanded its Crypto Portal to include four additional digital currencies. The four new cryptocurrencies accepted are Dogecoin, Litecoin, Bitcoin Cash, and XRP.
Vickie Schmitzer, CEO of Frankenmuth Credit Union, explained that FCU is dedicated to keeping up with new, cutting-edge technologies to better serve its members.
“We are committed to staying at the forefront of financial innovation and providing our members with diverse options to meet their unique financial needs,” Schmitzer said. “Offering these additional cryptocurrencies aligns with our mission to provide personalized financial solutions for our members and financial services, which empower our communities.”
The portal originally debuted last November as the first cryptocurrency platform offered by any financial institution in Michigan. In the beginning, the portal only accepted two digital currencies: Bitcoin and Ethereum.
“The expansion to six currencies has been highly anticipated among account holders seeking to build on the success experienced during the program’s inaugural year,” Schmitzer, said.
More Diverse Cryptocurrency Options
The addition of new digital currencies broadens Frankenmuth’s platform, catering to members' increasing demand for more diverse cryptocurrency options.
“The expanded offering provides members with enhanced flexibility and access to cutting-edge financial technologies,” Schmitzer said.
The Frankenmuth Crypto Portal is available through the CU’s online banking platform—enabling members to securely buy, sell, and manage their cryptocurrencies alongside their traditional financial accounts.
“Frankenmuth Credit Union’s Crypto Portal had a very successful first year with our initial offering of Bitcoin and Ethereum,” Schmitzer, said. “In the past, members have expressed curiosity about this relatively unknown area of investment but have been wary of unfamiliar technology and informal trading tools. Frankenmuth wants to give our members a way to navigate these hurdles all within the comfort and safety of their FCU online banking account. The members’ relief and enthusiasm have been felt, and we wanted to do even more to break down barriers.”
The credit union believes the crypto-friendly Trump Administration will spark even greater interest in the organization’s digital money offerings.
“There has been a sharp increase in cryptocurrency-related topics being discussed with our CU’s chatbot—with communications up over 600%,” said Schmitzer. “Our expanded ability to meet our members where they are in their financial needs is central to our mission as a credit union. Our members know that they can rely on Frankenmuth Credit Union to provide them with the tools and resources they need to accomplish their goals, and we will continue to innovate as we move forward as a community.”