Nexo Crypto Lender Acquires Stake in Summit National Bank

Nexo

Nexo crypto platform announced today that acquired an undisclosed stake in Hulett Bancorp, a banking holding company that owns the federally chartered Summit National Bank, which is regulated by the OCC (Office of the Comptroller of the Currency). The deal is opening the way for the cryptocurrency lender company to offer banking services to the USA.

The company is an all-in-one cryptocurrency service where you can buy assets, earn interest and borrow against them or swap in many crypto pairs. Now the Zug-based company can expand its financial products to checking accounts and crypto-backed loans. Nexo has over $4 billion in assets under management.

Antoni Trenchev, co-founder of Nexo said:

We already have a robust offering with regard to our crypto-backed loans but we always like to have more than one option for providing a particular service. The acquisition of a stake in a full-fledged bank enables us to offer our complete range of services to U.S. retail and institutional clients, including bank accounts, asset-backed loans, card programs, as well as escrow and custodial solutions, and many other future plans for Nexo’s U.S. expansion that will be uncovered in the months to come

Summit National Bank was founded in 1984 and has four locations in Montana and Idaho.

Nexo in a tweet a few hours ago said that the partnership was strengthened by the appointment of the company’s Co-Founder Kalin Metodiev, on the Summit National Bank’s board,

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