In a recent interview with Bitcoin Magazine, Chief Lending Officer Chase Larson and CEO Jed Meyer of St. Larson shared his personal journey with digital assets, starting in 2016, and his awareness of the need for accessible resources and education for individuals interested in bitcoin. Join the Credit Union in 2021 and focus on education and connecting people to cryptocurrency-related resources.
Mayer emphasized the importance of understanding the physical need for Bitcoin services in their community and outlined a four-step strategic approach that prioritized education and storage, followed by transaction capacity and banking products. Mayer highlighted their focus on education as a way to change the narrative around Bitcoin and address the risks and concerns associated with it.
Regarding the bitcoin custody solution, Larson mentioned that they have been working on developing a product that is currently in the works but not yet ready to be released to its 25,000 members. The credit union has been prioritizing education both internally and externally, ensuring that its employees and members understand the intricacies and risks of cryptocurrency. They aim to be a trusted partner for their members, offering secure storage options and guidance without advising specific investments.
“From an educational perspective, let’s really start with the foundation on the ground floor,” Larson explained. “We’re going to guide our members through this higher level of education, trying to help them become more aware that, regardless of whether they have it today, or plan to have it or not, we want our members to be well informed. And then, there are two for those who do. They choose to go into space, hopefully making more informed decisions and understanding the risks.”
The interview also touched on their collaborative approach with regulators to ensure responsible implementation of their Bitcoin services. Larson and Meyer believe that education and warehousing are two areas where they can make a significant impact while working within regulatory frameworks. They have engaged with the regulators and are in ongoing discussions to incorporate their comments into the development of policies and procedures.
Speaking about the future impact Bitcoin could have on the world of traditional finance, Meyer said: “If you do nothing, I think you’re taking a bigger risk in terms of where this industry is really going in the future, and how it’s really going to affect us to a significant degree. You don’t want to be on the receiving end of the way others have developed this, you should probably get involved now.”
In general, the approach of St. Cloud Financial Credit Union towards Bitcoin is committed to educating its members and working collaboratively with regulators to navigate the evolving Bitcoin landscape. While self-custody is intrinsically the safest way to store bitcoin, in a world where education on bitcoin lacks credit unions, it can serve an educational role. In addition, innovations like Fedimints can help create custodial solutions that help preserve the properties of Bitcoin that make it sovereign money, while ensuring a level of distributed liability that makes participants more comfortable.