Digital banking and blockchain platform Metallicus recently announced the acquisition of fintech service company Bonifii, a credit union service operator (CUSO) connected to 70 credit unions.
The partnership will purportedly establish a separate CUSO for credit union partners that establish and deploy on The Digital Banking Network (TDBN), a multilayer blockchain network servicing the fintech and financial services industry.
According to a blog post from Bonifii, the organization is currently the only CUSO directly connected to a blockchain core developer.
Marshall Hayner, founder and CEO of Metallicus and board member of the Dogecoin Foundation, told Cointelegraph that the acquisition brought the company’s total credit union partners to more than 80, with more than 16 of those already leveraging Metal blockchain technology. He explained:
“Our plan is to continue onboarding more financial institutions and credit unions onto The Digital Banking Network, providing them with bespoke solutions that allow them to move onchain, enhance their operational requirements, reduce costs and enhance services for credit union members globally.”
Digital banking and FedNow
Metallicus has been among the more active blockchain firms in the digital banking space. Its early involvement in the US Federal Reserve’s FedNow digital payments system has positioned it as a core blockchain with inroads to US government programs.
FedNow is a digital payments infrastructure that allows qualified banking institutions to provide government-backed instant payment solutions to their customers. As Cointelegraph reported in May 2023, Metal Blockchain was one of the first chains accepted for integration with the program.
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The recent acquisition of Bonifii could allow Metallicus to expand its footprint into the credit union space. Hayner told Cointelegraph that Bonifii president John Ainsworth will transition to the Metallicus team, where he will lead Metal Blockchain’s expansion into the credit union sector as General Manager.
A cursory review of the company’s finances indicates that, prior to the acquisition, Bonifii had raised roughly $20 million over several early investment and seed rounds. While details on Metallicus’ financials do not appear to be publicly available, CoinMarketCap reports a market capitalization of $13.65 million for the Metal Blockchain.
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