CULedger, a distributed ledger for credit unions, has scored $10m in its Series A round of funding.
The capital was deployed by 32 investors, including Achieva Credit Union, CULedger – Heartland, CU Service Network (CUSN), FIS – second unit, ICUL Services Corp, Credit Union Services, OneAZ Credit Union, and UNIFY Financial Credit Union – second unit, among others.
Denver-based CULedger is a cross-border distributed ledger platform to support credit unions in sharing innovative applications. Established through a national consortium of credit unions and industry investors, it has created a self-sovereign digital identity which can foster trust between organisations and their members.
The ledger, MyCUID, can lower risks around cybersecurity and fraud, while improving member experience, streamline internal processes and lower administrative costs.
MyCUID protects credit union members through a person-to-person network of distributed, private agents, which provide them with a decentralised digital identification. Members are able to decide how much of their data is shared and where.
Plans are set for a pilot program of the decentralised ledger later in the year.
CULedger CEO Julie Esser said, “We are grateful the credit union community recognizes the importance of self-sovereign identification and the innovative future of the digital experience. By leveraging distributed ledger technology, credit unions are leading the industry into the next generation of security and trust in financial services.”
Last month, DECODES, iRespond, The International Committee of the Red Cross (ICRC), Rohingya Project and Tykn all joined the Evernym self-sovereign identity initiative. The platform helps to automatically verify anyone or business, in an independent platform.
Copyright © 2019 FinTech Global
Copyright © 2018 RegTech Analyst
