New Bank Move by Institutional Bitcoin Platform Nexo!

Cryptocurrency As the market continues to develop and grow, the platforms in this market are trying to keep up.

In this context, various partnerships and acquisitions are made. The last move on this cryptocurrency lending platform Nexocame from

Nexo announced in a statement that it has acquired a minority stake in Hulett Bancorp, the holding company that owns Summit National Bank, a financial institution regulated by the Office of Currency Supervision (OCC).

However, the terms of Nexo’s acquisition and its stake in Hulett Bancorp were not disclosed.

The acquisition will allow Nexo and its customers to open bank accounts and access credit and card products at Summit National Bank.

With this acquisition, Nexo plans to expand its financial product offerings to retail and corporate customers in the US.

Kalin Metodiev, co-founder of Nexo, said about the acquisition:

“This investment marks a milestone in Nexo’s path to better serve our customers in the US in accordance with the ever-evolving regulatory environment.

We care deeply about our customers and are excited that this development will give them access to some of the most innovative products at the intersection of traditional finance and blockchain technology.”

As part of the acquisition agreement, Nexo co-founder and managing partner Kalin Metodiev will also serve on the board of Summit National Bank.

Forrest Gilman, chairman of Summit National Bank’s board, also said Nexo will help transform the bank into a full-fledged fintech bank.