USAA, a San Antonio-based bank catering to members of the military, is trialling a feature allowing users to check their Coinbase balances from within their online and mobile banking portals.
The pilot was rolled out to USAA employees in September and is now being expanded to a select group of USAA members.
Reclassifying Your Traders as "Pros" - How Can You Do It Right?Go to article >>
USAA is one of the notable investors behind Coinbase’s $75 million funding round in January. The high number of mainstream financial players in that round was considered a novelty at the time, and marked one of the first stages in what has turned out to be a flood of interest by banks in Bitcoin and blockchain technology.
USAA itself announced its creation of a research team to explore blockchain technology back in May. At the time, USAA managing director of corporate development Alex Marquez noted that while the bank’s interest in the blockchain is serious, as evidenced by its formation of such a large group, it has no plans to engage with bitcoin as a currency.
USAA, or United Services Automobile Association, started out in the 1920’s catering to members of the US military who had trouble securing insurance due to their perceived high risk. It serves 11.2 million current or former members of the military, with $130 billion in assets under management.