Crypto Lender Nexo Gets U.S. Bank Charter After Buying Stake in Regulated Bank

Nexo’s bank license will bring users enhanced legal safeguards and help it expand its footprint in the U.S., the company said.

Nexo declined to disclose the size of its stake in Summit National Bank. The firm called the deal an"industry-changing transaction." On top of the ability to launch new products, Nexo said its bank license would bring users enhanced legal safeguards. The deal will also help Nexo expand its footprint in the U.S., the company said.

"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.

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