Revolutionizing Finance: BankSocial® Unveils DEFY Federal Credit Union

Nov. 17, 2023. 2 mins. read.

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A New Era of Open Banking

BankSocial®, in a groundbreaking move, has announced the proposed creation of DEFY Federal Credit Union. This pioneering initiative aims to revolutionize the financial landscape by being the first digital native, self-custody credit union. Leveraging distributed ledger technology and the cooperative ethos of credit unions, DEFY FCU is poised to serve the global Web3 community with innovative financial services.

Mission and Vision: Empowering Through Technology

Headquartered in Texas and fueled by BankSocial®’s open banking features, DEFY Federal Credit Union aspires to bridge the gap in financial services that have been challenging to provide. Vice Chair Michael Jackson expresses his enthusiasm for leading a movement centered around open banking. DEFY FCU’s mission is deeply rooted in empowering members, ensuring transparency, security, and efficiency in digital finance.

Core Innovations: The BankSocial® App and Verified®

At the heart of DEFY FCU is the BankSocial® App, a testament to the union’s commitment to self-sovereign, open banking. This platform empowers members with self-custody control over their finances and digital assets. Adding to the innovation, BankSocial® Verified® emerges as a robust “Know Your Customer” tool, enhancing trust and security in self-custody environments.

Secura™ Decentralized Recovery: A Game-Changer

BankSocial® introduces Secura™ Decentralized Recovery (“DeRec”), revolutionizing key management and security in self-custody. Developed in collaboration with Dr. Leemon Baird of Swirlds Labs, this technology breaks new ground. It ensures the safety of each member’s key by dividing it into protected segments, stored across partner credit unions.

Conclusion: A Bold Step into the Future

BankSocial®’s proposed DEFY Federal Credit Union represents a bold step into a future of democratized, secure, and efficient personal finance. Blending traditional cooperative values with cutting-edge technology, it promises to redefine what a credit union can achieve in the digital age.

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SOURCE: BankSocial® Announces proposed DEFY Federal Credit Union at North American Blockchain Summit – EIN Presswire (einnews.com)