They are the guardians that keep our web history safe and properly recorded. However, the Internet Archive is much more than that: for the people who don’t know this, the institution has a bank! A bank called Internet Archive Federal Credit Union or IAFCU that is rescuing some Bitcoin companies neglected by the traditional banking system.
The unexpected branch of the Internet Archive, founded in 2012, is located near New Brunswick, in New Jersey. Since the companies connected to cryptocurrency started having problems in the United States, the IAFCU has helped half-dozen Bitcoin businesses, such as BitBox.
“A lot of these places basically say: ‘look, if they haven’t shut us down now, they might shut us down soon'”, says Jordan Modell, the CEO of IAFCU. So, they seek the help of the Internet Archive Federal Credit Union even before talking with the private banks.
According to Jordan Modell, chasing and denying help to these companies is “a big mistake”. The face of IAFCU adds that “these are not drug dealers, money launderers, or whatever. These are average folks” that are trying to make the economy move forward.
Now, the institution’s goal is to experiment with the credit union business, trying to see if there are ways to update the credit union model: “we’re trying to actually bring credit unions forward by their bootstraps”.