BankSocial, a Web3 and open banking platform that aims to revolutionize the usage of blockchain for lending, has applied for a charter with the National Credit Union Administration (NCUA) to establish Defy Federal Credit Union (FCU), a credit union based on distributed ledger technology. The proposed credit union will handle savings and deposits only, and is designed to leverage DLT to lower costs, automate processes, and provide enhanced security.
Framework For Open Banking Among CUs?
