Effective as of 6/26/2024 at 10:00am Eastern Time, Etana Custody, Inc. (“Etana”) will no longer provide cryptocurrency services to Frankenmuth Credit Union members. As a reminder, Etana is the custodian on the back end, who has been the custodian for the digital assets you have been provided access to via Frankenmuth Credit Union’s online and mobile banking.
Frankenmuth Credit Union will continue to make digital asset trading available through its online and mobile banking via SAFE Trust Company, a public trust company organized under the laws of the State of Wyoming (“SAFE”), which will commence after the transfer from Etana to SAFE is complete, at approximately 10:00pm Eastern Time on 6/26/2024.
Until 10:00am ET on 6/26/2024, Etana will continue to serve as the digital asset custodian through Online Banking and Mobile Banking. You can continue to buy and sell cryptocurrency as you have been until this point. After that, there will be a blackout period for approximately 12 hours while the digital assets are transferred from Etana to SAFE, which is expected to be completed at approximately 10:00pm Eastern Time on 6/26/2024.
After the conversion from Etana to SAFE is complete, your experience will feel very similar, there will just be a different service provider (SAFE) on the back end maintaining custody of your digital assets. The next time you login after the transfer is complete, you will be prompted to review and accept the new SAFE terms of service, which will complete this custodian conversion process.
Effective 6/26/2024, residents in the states of Nevada, South Dakota, North Dakota, Georgia, Louisiana, North Carolina, South Carolina, New York, Ohio and Connecticut are not permitted to buy/sell/hold cryptocurrency through Frankenmuth Credit Union.
What Steps Do You Need to Take?
If you wish to be transferred to SAFE, you do not have to do anything else. Your digital asset account and balance will automatically be transferred to your new SAFE account on 6/26/24 between 10:00am-10:00pm Eastern Time. Upon completion of the transfer of service from Etana to SAFE, the next time you login, you will be prompted with the onboarding steps to accept new documents, such as SAFE´s Custodial Services Agreement, SAFE’s Terms of Service, in addition to the Credit Union/InvestiFi Terms of Use, below for your reference. For context, InvestiFi is the Credit Union’s technology service provider for the digital asset experience.
This process has been designed to be as smooth as possible for all our Credit Union members, but we do apologize in advance for any inconvenience you may experience.
If you do not wish to be transferred to SAFE, you must opt out—by using the button below—of this transfer, no later than 11:59pm Eastern Time on 6/18/24. In this case, you will need to either sell your digital assets, or set up new credentials with Etana no later than 11:59pm Eastern Time on 6/20/24. To opt out, use the button below. PLEASE NOTE, IF YOU OPT OUT OF THE TRANSFER AND YOU REMAIN WITH ETANA, YOU WILL NO LONGER BE ABLE TO ACCESS YOUR DIGITAL ASSETS VIA THE CREDIT UNION’S ONLINE OR MOBILE BANKING.
FAQs
Cryptocurrency, sometimes called crypto-currency or crypto, is any form of currency that exists digitally or virtually and uses cryptography to secure transactions. Cryptocurrencies don't have a central issuing or regulating authority, instead using a decentralized system to record transactions and issue new units.
Is crypto actually a good investment? ›
Is Crypto Actually a Good Investment? Crypto can be a good investment for someone who enjoys speculating and can financially tolerate losing everything invested. However, it is not a wise investment for someone seeking to grow their retirement portfolio or for placing savings into it for growth.
Is crypto real money? ›
Cryptocurrency (or “crypto”) is a digital currency, such as Bitcoin, that is used as an alternative payment method or speculative investment. Cryptocurrencies get their name from the cryptographic techniques that let people spend them securely without the need for a central government or bank.
What cryptocurrency is and how it works? ›
A cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms. The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system. To use cryptocurrencies, you need a cryptocurrency wallet.
Which crypto to buy today? ›
List of the 20 Best Cryptos to Buy Now Before Next Bull Run : EarthMeta (EMT) – Metaverse and AI platform for virtual real estate and digital economy. Ethereum (ETH) – Decentralized platform for smart contracts and dApps. BNB (BNB) – Native token for Binance, supporting the Binance Smart Chain.
Is cryptocurrency actually worth anything? ›
Like all forms of currency, Bitcoin is given value by its users, supply, and demand. As long as it maintains the attributes associated with money and there is demand for it, it will remain a means of exchange, a store of value, and another way for investors to speculate, regardless of its monetary value.
Can you make $100 a day with crypto? ›
You can make $100 a day trading crypto by trading —
Each of these has its own advantages and disadvantages. Spot markets offer the least amount of risk as you only stand to lose the percentage the market moves at.
Does crypto actually make money? ›
Earning Interest
Cryptocurrency can help you earn interest on your investments. It is done through a " yield farming process," where you lend your cryptocurrency to a platform in exchange for interest. The amount of interest you gain will solely depend on the platform and the type of cryptocurrency you are lending.
Can you turn crypto into cash? ›
Yes, you can convert cryptocurrency to cash (like USD or INR) using various methods. Popular options include cryptocurrency exchanges, peer-to-peer marketplaces, and Bitcoin ATMs. Always choose a reputable platform and be aware of potential fees and withdrawal times when converting your crypto holdings to cash.
How many people own 1 Bitcoin? ›
How Many People Own 1 Bitcoin? Summary: As of 2024, there are about 420 million cryptocurrency users globally. Of these, approximately 1.5 million individuals possess more than 1 Bitcoin, which is just 0.36% of all cryptocurrency users.
PayPal USD is a stablecoin that's fully backed by US dollar deposits, US treasuries, and similar cash equivalents. You can buy and sell 1 PYUSD for 1 USD on PayPal. Stablecoins are a type of cryptocurrency designed to have a steady value over time relative to a reference asset, for example, the U.S. dollar.
How do you explain cryptocurrency to a beginner? ›
Cryptocurrency is digital money that doesn't require a bank or financial institution to verify transactions and can be used for purchases or as an investment. Transactions are then verified and recorded on a blockchain, an unchangeable ledger that tracks and records assets and trades.
Is cryptocurrency safe? ›
Safe And Secure
If you forget or lose your key, you cannot recover your funds. Further, the transactions are secured by the blockchain system along with the scattered network of computers that verify them. It's more secure if investors keep crypto assets in their own wallets.
Should I buy Bitcoin or Bitcoin Cash? ›
Transaction Fees and Speed
A key advantage of Bitcoin Cash is significantly lower transaction fees and faster confirmation times compared to Bitcoin.
How much worth is one Bitcoin? ›
The current value of 1 BTC is $60,389.92 USD.
Which coin will boom in 2024? ›
Top 10 Cryptos to Invest In August 2024
- Bitcoin (BTC)
- Ethereum (ETH)
- Binance Coin (BNB)
- Solana (SOL)
- Ripple (XRP)
- Dogecoin (DOGE)
- Polkadot (DOT)
- SHIBA INU (SHIB)
Cryptocurrency can help you earn interest on your investments. It is done through a " yield farming process," where you lend your cryptocurrency to a platform in exchange for interest. The amount of interest you gain will solely depend on the platform and the type of cryptocurrency you are lending.
Does crypto have a future? ›
Analysts estimate that the global cryptocurrency market will more than triple by 2030. This all leads to one big trend. Cryptocurrency, once only understood among a relatively fringe community of anti-establishment investors, is now becoming a household name – and quickly.
Is it still safe to invest in crypto? ›
While BTC is volatile, it is safe to invest in provided you use a reliable exchange and wallet! Historically, investors who've held their Bitcoin for the long-term have been rewarded!
Should I invest in crypto or stocks? ›
Yes, typically cryptocurrencies are considered riskier than stocks due to their high volatility, less regulatory oversight, and their relative newness. However, while stocks are generally more stable, they are not immune to risks such as market downturns or company-specific issues.
