How does the Bitcoin service work? - Stanford Federal Credit Union Skip to main content
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Global supply chain issues are impacting delivery times for plastic credit and debit cards. We appreciate your patience and understanding as you wait for your card. A digital version of your card is always available in Online Banking and the mobile app, so you can load it to your mobile wallet, add it to your subscriptions, and shop online. Go to Services > MORE OPTIONS > Digital Card.

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Global supply chain issues are impacting delivery times for plastic credit and debit cards. We appreciate your patience and understanding as you wait for your card. A digital version of your card is always available in Online Banking and the mobile app, so you can load it to your mobile wallet, add it to your subscriptions, and shop online. Go to Services > MORE OPTIONS > Digital Card.

How does the Bitcoin service work?

Stanford FCU makes it easy to buy, sell and hold Bitcoin. You can open a Bitcoin account through Online Banking or the mobile app ( App Store | Google Play )—it’s simple and painless. Thousands of Stanford FCU members bought or sold cryptocurrency last year. Whether you’re a crypto-fiend or crypto-curious we hope that the convenience of being able to access your bank account and your NYDIG Bitcoin account all in one place is a win for our members.

Please note that Bitcoin balances are not NCUA insured, and there are risks associated with Bitcoin trading as the value can fluctuate significantly.

Easy signup and immediate access for current members
Since we already know you, there is no tedious verification process. You’ll be able to buy and sell Bitcoin right away.

Clear account information
You’ll see your balance and transactions in both Bitcoin (BTC) and U.S. dollars. And you’ll see all transaction fees before you place a trade, so you’re never surprised with hidden fees.

Manage your Bitcoin account in Online Banking and the mobile app
You can view your balance and trade Bitcoin 24/7. Just log into Online Banking or the mobile app ( App Store | Google Play ) and choose Services > MORE OPTIONS > Crypto. Please note that if you already own Bitcoin, you cannot transfer it to this Bitcoin account.

Automatic documentation for tax time
You won’t have to request or track down anything. You’ll receive your transaction receipts and tax documents automatically.

Execution and custody services provided by NYDIG
NYDIG utilizes cold storage to store Bitcoin, adhering to the highest regulatory and operational standards.

You can learn more about Bitcoin through these short videos, or read the Federal Trade Commission’s article about cryptocurrency and scams:

Where did Bitcoin come from?
Why is Bitcoin valuable?
Why are people buying Bitcoin?

 

Bitcoin execution and custody services are provided by NYDIG Execution LLC (“NYDIG”). NYDIG is authorized by the New York State Department of Financial Services to engage in virtual currency business activity. To receive bitcoin services you must open an account with NYDIG in which your bitcoin will be held (the “NYDIG Account”). Please refer to NYDIG’s terms and conditions for more information, including application eligibility criteria. Bitcoin balances in your NYDIG Account are not insured by the National Credit Union Administration (NCUA), the Securities Investor Protection Corporation (SIPC), or any other public or private insurer. NYDIG does not make any recommendations regarding buying or selling bitcoin. There are risks associated with bitcoin trading.

NYDIG acts as custodian for digital assets owned by Stanford FCU members, and as such, these assets never touch the Credit Union’s balance sheet. NYDIG holds your NYDIG balances “in trust” and for your benefit. By holding assets “in trust”, NYDIG intends to protect you from any business or bankruptcy risk NYDIG may have. Although NYDIG holds your NYDIG balances in trust, NYDIG is not a trust company and is not acting in a fiduciary capacity.

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