BankSocial’s Crypto-Friendly Credit Union, Seagrass & Hashgraph Association’s Carbon Credit Web3 Identity Wallet + More News
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A team at a startup BankSocial aims to launch a new credit union that will let people buy and sell digital currencies and maintain fiat currency deposits using distributed ledger technology.
The proposed Defy Federal Credit Union was announced last month.
Per the American Banker, the union would offer members access to BankSocial’s platform, which includes its self-custody crypto exchange for buying and selling currencies like bitcoin and ether, in addition to a deposit account.
“Our end goal is not to create the largest credit union ever invented with [the proposed] Defy Federal Credit Union, but rather to create a template” where credit unions can easily participate in a Web3 ecosystem, said John Wingate, chief executive and founder of BankSocial.
In November, the firm secured a strategic investment from The Hashgraph Association.
The Hashgraph Association, the non-profit organization accelerating the broad adoption of the DLT network Hedera, has announced a co-funding initiative with Seagrass, a climate action company and subsidiary of E.ON, a European energy network and energy infrastructure operator.
Per the press release, this initiative facilitates building the Seagrass Wallet, a proof-of-concept Web3 identity wallet. It provides users with a decentralized digital identity and wallet that relates to their carbon projects.
The wallet provides transparency on environmental, economical, and project data to buyers and developers. It creates, stores, and presents digital identities with verifiable credentials, alongside the storage and exchange of assets, the
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