Digital banking and blockchain platform Metallicus has announced its acquisition of Bonifii, a fintech service company that connects with over 70 credit unions. This partnership aims to integrate Metal Blockchain technology into Bonifii’s credit union network, enhancing digital banking capabilities and providing blockchain-powered financial services.
What the Acquisition Means for Credit Unions
Bonifii, a credit union service organization (CUSO), will now establish a dedicated CUSO for credit unions operating on The Digital Banking Network (TDBN). This multilayer blockchain network is designed to streamline operations in the fintech and financial services sectors.
Notably, Bonifii is the only CUSO directly tied to a blockchain core developer, positioning it as a leader in integrating blockchain solutions for credit unions.
Marshall Hayner, founder and CEO of Metallicus and board member of the Dogecoin Foundation, shared that this acquisition increases their total credit union partners to over 80, with 16 already using Metal Blockchain. Hayner emphasized Metallicus’ goal to onboard even more financial institutions, providing custom solutions that allow them to move operations on-chain, reduce costs, and improve services for credit union members globally.
Metallicus and FedNow: Strengthening Blockchain’s Role in Banking
Metallicus has been a trailblazer in the digital banking sector, particularly through its involvement with the United States Federal Reserve’s FedNow program. FedNow is a government-backed digital payment infrastructure enabling instant payments for participating banks.
In May 2023, Metal Blockchain was among the first blockchains integrated with FedNow, solidifying Metallicus’ reputation as a key player in blockchain-based banking solutions. This new partnership with Bonifii could further expand Metallicus’ reach into the credit union industry, leveraging its blockchain expertise for greater adoption.
Bonifii Leadership Joins Metallicus
As part of the acquisition, Bonifii’s president, John Ainsworth, will join the Metallicus team as the general manager overseeing Metal Blockchain’s credit union sector expansion. This leadership transition is expected to enhance collaboration between the two organizations, pushing forward the adoption of blockchain in the financial services industry.
Before the acquisition, Bonifii reportedly raised approximately $20 million through early investment rounds. While Metallicus’ financials are not publicly disclosed, CoinMarketCap reports a $13.65 million market capitalization for Metal Blockchain. This acquisition positions Metallicus to increase its market influence by targeting the credit union ecosystem.
