Mathisen Marketing

Your Marketing Blog

Nexo Buys Stake in Federally Chartered US Bank Summit National

Nexo Buys Stake in Federally Chartered US Bank Summit National

As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Crypto lending platform Nexo announced today that it is taking a stake in Wyoming-based Summit National Bank. Swiss-based Nexo is expanding its footprint in the US by taking a stake in a US federally chartered bank overseen by the Office of the Comptroller of the Currency.

Nexo declined to disclose the terms of the private deal.

“We do not want to focus on the size of the transaction, but rather on the mutually beneficial effects that the acquisition of the stake will have on both companies and, most importantly, their customers,” Nexo responded in an email. Decrypt.

The announcement comes shortly after Nexo was served with a termination notice for its Earn Fixed Income product, which has been called an unregistered security by several state regulators.

Nexo founder and CFO Kalin Metodiev, who will join Summit National Bank’s board of directors, called the move “another landmark in Nexo’s relentless pursuit to better serve our US clients in an ever-evolving regulatory environment.”

The addition of access to Nexo’s product portfolio, including cryptocurrency exchange, lending and digital asset brokerage, will allow Summit’s customers to use products at the intersection of traditional finance and blockchain technology.

Nexo says the company can offer bank accounts, asset-backed loans, card programs, and escrow and custody solutions to U.S. retail and corporate customers.

“We are pleased to welcome Nexo on board,” said Forrest Gilman, president and chairman of Summit National Bank, in a statement. “This is the culmination of more than two years of unwavering dedication to combining Summit National Bank’s traditional approach and values ​​with our vision for the bank’s future.”

Founded in 1984 as Hulett National Bank, Summit National Bank initially focused on agricultural and real estate loans. However, Summit National Bank is entering Web3 in partnership with Nexo.

In July, Nexo announced it would buy 100% of rival platform Vauld after Vauld halted customer withdrawals, deepening Nexo’s presence in Asia.

(Disclaimer: Nexo is one of 22 strategic investors Decrypt.)

Stay up to date with crypto news, get daily updates in your inbox.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts

  • CrossTower to acquire institutional prime brokerage BEQUANT

    CrossTower to acquire institutional prime brokerage BEQUANT

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Cryptocurrency exchange CrossTower Inc has agreed to buy digital asset trading platform BEQUANT, which comes after CrossTower has been buying crypto companies for months, including a recently revised bid for Voyager Digital’s assets. The acquisition made on November 28 brings […]

    Read More

  • Netflix’s ‘Wednesday’ Surpasses ‘Stranger Things 4’ As Most-Watched English Series In A Week

    Netflix’s ‘Wednesday’ Surpasses ‘Stranger Things 4’ As Most-Watched English Series In A Week

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Top line Netflix’s recently released scripted series Wednesday is now the most-watched English-language series for a week in the streaming service’s history, Netflix said Tuesday, overtaking the popular Season 4. Strange things. Jenna Ortega attends the world premiere of Netflix’s […]

    Read More

  • Now Live: Increased Frequency for Bitcoin Withdrawals

    Now Live: Increased Frequency for Bitcoin Withdrawals

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Since the beginning, users have been able to withdraw their Bitcoins once a day at 13:00 UTC. However, this will change in the coming weeks with the gradual rollout Bitcoin Hot Wallet withdrawals on BitMEX for amounts up to 5 […]

    Read More