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Crypto Lender Nexo Acquires Stake in US Chartered Bank

Nexo Allocates Another $50 Million To Its Token Buyback Initiative

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Leading cryptocurrency lender Nexo has acquired a stake in Hulett Bancorp (DBA Mode Eleven) and its subsidiary, Summit National Bank, a federally chartered bank regulated by the US Securities and Exchange Commission.

Thanks to the deal, the crypto lender, which has approximately $4 billion in assets under management, will be able to further expand its financial product offering across the entire US crypto market and strengthen its foothold in the region.

Nexo offers crypto services to US customers

Below procurement contract, Nexo offers retail and corporate customers in the United States a wide range of services, including opening bank accounts, asset-backed loans and card programs. The company also offers users escrow and custody solutions through the Summit National Bank infrastructure.

In return, the US-based charter bank will use Nexo’s experience and position as one of the leading lenders in the crypto industry to bridge the gap between traditional finance and Web 3. The bank benefits from Nexo’s complete range of products and services to satisfy its customers. needs when moving to a modern financial institution.

The new collaboration is in line with the bank’s mission to reinvent itself and its bid to join the emerging economy as a regulated financial institution in the United States.

Founded in 1984, Summit National Bank has four branches in Montana and Idaho.

“We are excited about the cooperation with Nexo, as we combine the traditional strengths of Summit National Bank and the values ​​of our vision for the bank’s future. Kalin’s active participation on the board strengthens our work to transform the bank into a full-fledged, state-of-the-art FinTech bank with the opportunity to acquire new customers,” says Forrest Gilman, Chairman of the Board and CEO of Summit National Bank.

Nexo is expanding its banking operations

As part of an overall reform plan to bring cryptocurrencies under federal oversight, the partnership between Bank of America and Nexo came under review by the Office of the Comptroller of the Currency.

The aim of the cooperation is to enhance both the companies’ know-how and their supply. Nexo announced plans to expand its global commercial banking services through an alliance with Summit National Bank and by acquiring additional licenses from banks around the world.

The crypto lender has shown strong resistance despite volatile market conditions that left major rivals Celsius Network and BlockFi vulnerable to liquidity crises.

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