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Home›Crypto›Market Structure›St. Cloud credit union moves Bitcoin custody to a mult…

St. Cloud credit union moves Bitcoin custody to a multisig vault

The credit union says its patent-pending hybrid custody model gives each member individual Bitcoin ownership in a multisig vault and has grown custody to more than 20 BTC.

Reported · Written up by our desk · Market Structure

Bitcoin Magazine reports that a St. Cloud, Minnesota credit union, founded by postal workers in 1930, now custodies real Bitcoin for its members.

According to the outlet, CEO Jed Meyer describes a patent-pending hybrid custody model that uses a multisig vault, with the credit union saying it gives each member individual Bitcoin ownership.

Bitcoin Magazine adds that the credit union has grown to more than 20 BTC under custody, and says it has done so without actively targeting that growth.

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Sources

Bitcoin Magazine$350M St Cloud CEO: The First Credit Union to Put Bitcoin on Core Ledger | Jed Meyer

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