GBA announces the Pre-launching of the first blockchain-based Credit Union in the United States

November 11, 2021- The Maven Federal Credit Union,, announces the prelaunch of its website 2.0, allowing all GBA Members to join. The Prelaunch involves making the website live, beginning a campaign to raise funds and membership enrollment.

The site is currently a minimum viable product (MVP), allowing the website to be built with only the necessary features to satisfy early adopters. The final, complete set of features for the MFCU will be developed following feedback from the product’s initial users. Feedback is encouraged from GBA members, creating a sense of ownership amongst members through the MFCU’s open feedback loop.

This GBA-sponsored “bank” will be owned by its members. It can be upgraded through consensus to deposit funds and usage as a regenerative financial engine, powering future needs or innovation.

Why join? How are these services different from everyone else?

MFCU network customers will receive benefits including:

  1. Elimination of Punitive Overdraft Fees
  2. Removal of All Predatory Aspects to Financial Services
  3. Digital Assets remain in the hands of the people. (Main Street not Wall Street)
  4. GBA Members can make loans and investments (Crowdfund) in GBA Member projects- Profits are returned to GBA Members
  5. Dividends earned by being a relay node or participant node in the network
  6. Account holders/members own the bank

The Maven Federal Credit Union (MFCU) and the Government Blockchain Association (GBA) are working within the framework of the National Credit Union Administration (NCUA) and the Federal Credit Union Act (FCUA) to ensure that MFCU is following all appropriate regulations, collaborating to simplify the complexities and punitive services, prevalent within the banking sector.

The official charter will be received after the campaign has finished and a business package part 2 has been submitted to the NCUA. Operations scheduled to begin April 2022 per the timeline on MFCU’s website

Source: Plato Data Intelligence