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NAFCU yesterday announced its partnership with Enterprise Ethereum Alliance (EEA), becoming the first non-profit financial services trade association to join the alliance. EEA is the world's largest open-source blockchain initiative, providing research and technology development in a range of areas beneficial to credit unions, including privacy, confidentiality, scalability and security.

"NAFCU is pleased to be invited to join Enterprise Ethereum Alliance, and we look forward to contributing to one of the world's leading blockchain technology initiatives," said NAFCU President and CEO Dan Berger. "With this new partnership, NAFCU hopes to bring critical knowledge of blockchain technology to the credit union industry and create an innovative environment where NAFCU members can inform technology firms of what credit unions need most."

Established in February, EEA's members include more than 300 organizations in technology, financial services, government, healthcare, energy, pharmaceuticals and a number of fast-growing Ethereum startups. It is an industry-supported, not-for-profit created to build, promote and broadly back Ethereum-based technology best practices, open standards and open-source reference architectures.

NAFCU's Cybersecurity and Payments Committee will also engage with EEA to discuss ways for credit unions to get directly involved with the blockchain community.

Earlier this year, NAFCU became the first financial trade organization in the U.S. to join Hyperledger, an open-source, global collaboration effort to advance cross-industry blockchain technologies hosted by The Linux Foundation.