CU Digital One, a credit union service organization created by Frankenmuth Credit Union in Michigan, has made its first fintech investment.
The CUSO said in a press release that it made “a multi-million dollar investment” in CryptoFi, which provides cryptocurrency-based financial services for credit unions.
The investment will be used to accelerate the growth and development of CryptoFi products and services.
“We are excited to partner with CryptoFi and help credit unions offer their members access to the cryptocurrency market,” Joshua Herman, CU Digital One’s interim CEO, said in the release.
“CryptoFi is a leader in this space, and we believe that their products and services will help credit unions meet the growing demand from their members for cryptocurrency solutions,” Herman added.
The investment is expected to close in the third quarter.