BankSocial® Announces proposed DEFY Federal Credit Union at North American Blockchain Summit
New Capabilities to Integrate Web3 Community Needs
"As Vice Chair of the proposed DEFY Federal Credit Union board, I'm excited to help lead a movement where open banking forms our core,” said Michael Jackson. “Our mission is to empower member voices, driving our future collectively. We're committed to a democratic approach in digital spaces, leveraging partnerships and distributed ledger technology to pioneer services beyond traditional banking. Our focus on transparency, security, and efficiency marks a new era in personal finance, one that empowers and innovates with our members."
The BankSocial® App is the heart of the proposed DEFY Federal Credit Union’s self-sovereign, open banking for all model. BankSocial® open banking products come together here to give members self-custody control of their money and digital assets, combined.
BankSocial® Verifiied® is where trust and security meet. This powerful “Know Your Customer” verification tool provides confidence in all self-custody environments. Behind the scenes, a Real Time Payment solution allows payments using both standard payment rails and the Rivia stablecoin rUSD on the Hedera ledger, providing swift and secure fund transfers.
BankSocial® Secura™ Decentralized Recovery (“DeRec”) is the evolution of self-custody key management and protection. Even experts have concerns about seed phrase security. With Secura™, each member’s key is divided into pieces and mathematically protected at trusted partner credit unions. No one but the customer ever has control of their keys.
BankSocial collaborated with and built upon the transformational DeRec work of Dr. Leemon Baird of Swirlds Labs to create this unique solution. Dr. Baird explains how decentralized recovery works: “When you have enough “helpers”, your key—your secret—is shared among all of them in pieces. None of them can individually see your secret.” BankSocial®-affiliated credit unions are candidates to participate in decentralized key recovery.
To learn more about the proposed DEFY Federal Credit Union and to show your support, visit defy.coop.
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About BankSocial
BankSocial is a passionate team of credit union and DLT experts who are merging the world of credit unions with the world of DeFi to create a financial ecosystem that unites and empowers people and businesses with fair and equitable access to the same financial tools for all with no bias or selective access. To learn more about BankSocial, visit www.banksocial.io.
John Wingate
Bank Social
press@banksocial.com
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