Share this article
CULedger, Evernym Release Digital ID Blockchain for Credit Unions
The DLT-based system, known as MyCUID, is billed as a way for members of credit unions to protect themselves from identity theft and fraud.
By Nikhilesh De
Updated Sep 13, 2021, 7:37 a.m. Published Feb 26, 2018, 8:00 p.m.
CULedger, a consortium of credit unions in the U.S., and Evernym, developer of distributed ledger technology, have introduced a new DLT-based digital identity system.
The software, known as MyCUID, is billed as a way for credit union members to protect themselves from identity theft and fraud. The ledger will enable users to share only as much personal information as they need or want to in a given situation.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
CULedger president and chief executive John Ainsworth said in a press release that the system would allow customers to "securely interact with their credit union," continuing on to say:
“By giving individuals control over their personal identifiable information, MyCUID will create a truly secure and privacy-preserving flow of information to promote balance, fairness, diversity and competition in the digital economy.”
MyCUID operates through a person-to-person network of "distributed, private agents working in parallel with the distributed ledger," according to the press release. This will help ensure that users' identity records cannot be taken away from them.
If widely adopted, the software will enable credit unions worldwide to provide banking services to an estimated 2 billion people who currently lack access to financial institutions, said World Council of Credit Unions president Brian Branch in the press release.
CULedger is a nationwide consortium, having begun "in 2016 as an endeavor between CUNA, Mountain West Credit Union Association, and Best Innovation Group to develop a concept for a credit union system-wide permissioned distributed ledger platform," according to the press release.
It's been working with Evernym, which created the Sovrin protocol, since at least last year. Evernym is one of a number of startups seeking to use distributed ledger technology to create "self-sovereign" identities fully under users' control.
The release of MyCUID appears to be the latest move in the consortium's efforts to change how credit unions handle personal data, after forming a credit union service organization last year.
Piggy bank image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
How Much Longer Until We Consider the Bitcoin Power Law Model Invalid?
As the gap between spot bitcoin price and the power law widens, investors are left questioning whether mean reversion is coming or if another cornerstone model is approaching its end.
What to know:
- Bitcoin has largely tracked its long standing power law trend this cycle, though it now trades about 32% below the model.
- Earlier models like stock to flow have already failed, with its current implied valuation near $1.3 million per bitcoin
Top Stories
