Metallicus acquires Bonifii to enhance blockchain solutions for credit unions, offering digital asset products, identity management, and secure payments.
Metallicus, a leader in blockchain technology for banking, has acquired FinTech company Bonifii, previously known as CULedger. This is a major step forward to bring blockchain solutions to credit unions. Metallicus and Bonifii, as a Credit Union Service Organization (CUSO), will now partner to use Metallicus’ blockchain platform The Digital Banking Network (TDBN). In addition, this will give credit unions access to new financial tools.
According to the blog post, Bonifii’s current customer base, which includes over 70 credit unions, will be able to benefit from this partnership. Now they will be able to use the capabilities of Metal Blockchain’s Layer 0 blockchain. Marshall Hayner, CEO of Metallicus, said Bonifii already has a great deal of success integrating blockchain technology into the credit union sector. Through their synergy, they want to bring more financial institutions on chain and better serve their members.
Bonifii, Metallicus Merger to Enhance MemberTrust and Blockchain Services
Bonifii CEO John Ainsworth said that this merger has historical significance. It was founded with the idea of running using distributed ledger technology in credit unions, he added. Moreover, they are now well-positioned to accelerate innovation and engender member trust as the only CUSO directly connected to a blockchain core developer.
This will also strengthen Bonifii’s existing products, including MemberPass. The partnership will also expand to issues such as identity management, payments, and fraud prevention. EVP/CIO of Schools First FCU and Chairman of Bonifii’s Board Jim Phillips noted this merger paves the way for the creation of new tools to make credit unions more competitive.
Metallicus will be making its full suite of digital asset products available to credit unions that join TDBN. Services that will be included in Metal Pay will be self custody digital asset wallets and the ability to buy and sell cryptocurrencies such as Bitcoin. Metallicus is developing stablecoins and more as a use case, smart contracts, and asset tokenization. Ultimately, these new advancements will give financial institutions the ability to offer secure, instant payments and comply with regulatory requirements.
