Over 70 credit unions in the U.S., serviced by FinTech company Bonifii, now have access to The Digital Banking Network blockchain protocol and enhanced digital asset capabilities.
Metallicus, a blockchain technology provider for the banking sector, announced its acquisition of Bonifii, a FinTech company focused on protecting credit union members from financial fraud. Previously known as CULedger, Bonifii operated as a credit union service organization (CUSO), representing more than 70 credit unions.
As a result of the merger, credit unions served by Bonifii will be able to utilize the open banking blockchain protocol, The Digital Banking Network (TDBN), to create innovative credit products. TDBN operates on the Layer 0 blockchain infrastructure of Metal Blockchain. Furthermore, credit union representatives will gain access to self-custody digital asset technologies and can buy and sell cryptocurrencies via the Metal Pay platform.
Marshall Hayner, CEO of Metallicus, stated in the press release that this partnership will expand blockchain adoption in financial institutions and significantly enhance services for their members.
John Ainsworth, CEO of Bonifii, highlighted the historical significance of the merger. He noted that CULedger was originally established to enable credit unions to leverage the potential of distributed ledger technology, and the merger now marks a new chapter in this journey.
The Metallicus team is focused on bridging the ecosystems of traditional finance and Web3 technologies. In October 2023, Metallicus announced a partnership between Metal Blockchain and FedNow, the U.S. Federal Reserve’s instant payments service launched a month earlier.
