Metallicus Acquires Bonifii to Expand Blockchain Solutions for Credit Unions

Metallicus, a leading digital banking and blockchain platform, has announced its acquisition of Bonifii, a fintech service provider connected to 70 credit unions. This strategic acquisition aims to enhance Metallicus’s presence in the credit union sector by integrating Metal Blockchain solutions into Bonifii’s portfolio, creating new opportunities for digital transformation in the financial services industry.

Strengthening Ties with Credit Unions

Bonifii, a credit union service operator (CUSO), is uniquely positioned as the only CUSO directly connected to a blockchain core developer. This partnership will pave the way for a new CUSO designed specifically for credit union partners that deploy on The Digital Banking Network (TDBN). TDBN is a multilayer blockchain network built to serve the fintech and financial services sectors, allowing credit unions to leverage blockchain technology for improved operations, cost reduction, and enhanced services for members.

Marshall Hayner, founder and CEO of Metallicus, expressed his excitement about the acquisition, which will increase the company’s total number of credit union partners to over 80, with more than 16 of these already utilizing Metal Blockchain technology. He emphasized that the goal is to onboard more financial institutions, providing them with tailored blockchain solutions that allow them to move on-chain, optimize their operations, and offer enhanced services to members on a global scale.

Strategic Growth in the Digital Banking Space

Metallicus has been at the forefront of blockchain adoption in the digital banking space. The company’s early involvement in the United States Federal Reserve’s FedNow system has positioned Metal Blockchain as a critical player in the evolution of digital payments infrastructure. FedNow enables banking institutions to offer government-backed, instant payment solutions to their customers, providing a secure and efficient means of transferring funds in real time.

In May 2023, Cointelegraph reported that Metal Blockchain was one of the first blockchain networks integrated with FedNow, showcasing its growing influence in digital finance. The acquisition of Bonifii represents a significant step in Metallicus’s strategy to expand its footprint within the credit union sector and deepen its ties with financial institutions.

Leadership Transition and Expansion

As part of the acquisition, John Ainsworth, the president of Bonifii, will transition to the Metallicus team. Ainsworth will take on the role of general manager to lead Metal Blockchain’s expansion into the credit union sector. This move signals a commitment to building a dedicated team and resources to support the integration of blockchain solutions into credit unions nationwide.

Financial Overview and Future Prospects

Bonifii has raised approximately $20 million across several investment and seed funding rounds prior to the acquisition. While Metallicus has not publicly disclosed detailed financials, CoinMarketCap reports a market capitalization of $13.65 million for the Metal Blockchain, indicating a solid foundation for future growth.

The acquisition of Bonifii aligns with Metallicus's broader vision of providing bespoke blockchain solutions to financial institutions, enabling them to harness the power of blockchain for better operational efficiency, lower costs, and improved services. By integrating these solutions into the credit union space, Metallicus is poised to drive wider adoption of blockchain technology in the financial services industry.

Looking Ahead

With the acquisition of Bonifii, Metallicus is strategically positioned to expand its influence in the credit union sector, offering tailored blockchain solutions that enable credit unions to enhance their digital banking capabilities. As blockchain continues to transform the financial landscape, Metallicus’s efforts to integrate with established systems like FedNow and work closely with credit unions will play a crucial role in shaping the future of decentralized finance and digital banking.