Should you buy Nexo after it acquired a stake in US Bank?
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Nexo has acquired a stake in the bank holding company that owns Summit National Bank, a US federally chartered bank regulated by the Comptroller of the Currency.
Nexo is a blockchain-based platform that provides a FIAT ramp to multiple cryptocurrencies and is a cryptocurrency exchange that offers crypto-secured loans.
Nexo (NEXO/USD) has its own native cryptocurrency that, when locked into the platform, gives users access to numerous benefits, including discounts on interest accrued on loans and the ability to receive interest payments on deposited funds.
A stake in US Bank as a catalyst for growth
Summit National Bank, a subsidiary of Hulett Bancorp (DBA Mode Eleven), is moving towards a modern digital FinTech bank, and Nexo has become the preferred digital asset partner.
In the latest Nexo news, Nexo acquired a stake in the bank holding company that owns Summit National Bank based on the company’s official announcement on September 27, 2022.
This agreement has solidified Nexo’s presence in the United States and enabled it to open a digital asset platform for bank accounts at Summit National Bank and enhance loan and card products that leverage the bank’s decade of compliance excellence.
Should you buy Nexo (NEXO)?
On September 28, 2022, Nexon (NEXO) was at $0.87235.
TradingView’s NEXO/USD chart.
The all-time high value of NEXO cryptocurrency was on 05/12/2021 at $4.07. Based on this, we can see that the cryptocurrency has declined and is trading at $3.19765 below its all-time high, down 78%.
Taking a look at its weekly performance, Nexo (NEXO) had a 7-day low of $0.862743 while a 7-day high of $0.982966. Here we can see an increase of $0.120223 or 14%.
However, when we look at its 24-hour performance, Nexo (NEXO) hit a low of $0.871526 while its high was $0.952525. This shows us an increase of $0.080999 or 9%.
With all this in mind, investors may want to buy Nexo at $0.87235 as it could rise to $1.2 by the end of October 2022.
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