CULedger Blockchain Credit Union Project Secures $10 Million in Funding to Launch MyCUID Tool
CULedger is a member of the global blockchain system run by R3, and they recently managed to raise $10 million during a Series A funding round. The funding round was for the new product that the company is bringing to market – MyCUID – which is going to be a blockchain platform that focuses on credit unions. The press release announcing this progress was published today on January 29th.
The company originally announced that they were intending to promote this funding round as early as October 2017. The funding round eventually accrued a total of 40 interested investors, though the “majority of investors are credit unions.”
Now that the round has been successfully completed, MyCUID will be able to launch soon. The new platform is still based on the blockchain, but it offers a digital identity tool to credit union members, forever linking them to a digital ID with no central authority. As such, users would only release their information when they choose, instead of agreeing to release it to third parties like many companies require.
To entice credit union customers, CULedger plans to share live use cases via demonstration at the CUNA Governmental Affairs Conference, which is hosted in March this year. Sometime after the event, the pilot program will launch.
CULedger joined R3’s consortium last month, making it part of over 200 financial services companies, tech firms, central banks, regulators, and others that use “Corda.” Corda is the enterprise-level blockchain platform that supports all of these companies involved with Corda. R3 recently welcomed Canada’s Large Credit Union Coalition to the network towards the beginning of 2018.