Share this article
Major Credit Unions Will Unveil New Blockchain Tech Next Week
A blockchain initiative backed by dozens of US credit unions is set to give a live tech demonstration next week.
By Stan Higgins
Updated Dec 12, 2022, 1:42 p.m. Published May 3, 2017, 10:00 a.m.
A blockchain initiative backed by dozens of US credit unions is set to give a live demonstration next week.
CULedger, a consortium project unveiled late last summer, is supported by more than 50 credit unions and four of the biggest credit union service organizations in the US. Spearheading the project are the Credit Union National Association and Mountain West Credit Union Association (MWCUA).
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Those involved in the initiative say they want to utilize the tech in a bid to improve how credit unions function – while also making them more competitive in an increasingly tough environment for financial institutions. The idea is to create a blockchain-powered utility through which credit unions could send money or exchange other types of information.
The live demo of a CULedger proof-of-concept focused on identity is being unveiled an event on 9th May in Tuscon, Arizona. The concept was first outlined in a demonstrationhttp://www.culedger.com/Portals/CUBlockchain/The%20Case%20for%20CULedger%20InOHvate.pdf?ver=2017-04-28-094506-963 given by MWCUA vice president of innovation and product development Rick Cranston early last month.
In that presentation, Cranston – who helps lead the CULedger project – also touched on the topic of smart contracts, arguing that self-executing code operating on a blockchain could have a major impact on the credit union industry, particularly when it comes to cost savings.
"Smart contracts will do several very important things for the credit union industry but there is one very big thing it will do. Smart contracts will save credit unions lots and lots of money," he wrote.
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
Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
BTC's relative weakness compared to stocks points to tepid spot demand, making the largest crypto vulnerable to macro volatility, Bitfinex analysts said.
What to know:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
Top Stories
