Crypto Lender Nexo Acquires Stake in US Chartered Bank

Leading cryptocurrency lender Nexo has acquired a stake in Hulett Bancorp (DBA Mode Eleven) and its subsidiary federally chartered bank Summit National Bank, regulated under the US Office of the Comptroller of the Currency. The deal will allow the crypto lender, which has around $4 billion in assets under management, to further scale its financial product offerings across the US crypto market and strengthen its foothold in the region. Under the acquisition agreement, Nexo will offer retail and institutional customers in the US a broad range of services, including opening bank accounts, asset-backed loans, and card programs. The company will also provide users with escrow and custodial solutions through Summit National Bank infrastructure.