Nexo, a top cryptocurrency lender, 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 permit the crypto lender, which has around $4 billion in assets under management, to scale its financial product offerings across the US crypto market and reinforce its foothold in the region.
The acquisition agreement stipulates that Nexo will offer retail and institutional customers in the US an extensive range of services, including opening bank accounts, asset-backed loans, and card programs. The company is also expected to provide users with the escrow and custodial solutions through Summit National Bank infrastructure.
In return, the US chartered bank will leverage Nexo’s experience and position as one of the leading lenders in the crypto industry to bridge the gap between traditional finance and Web 3. In addition, the bank will benefit from Nexo’s complete suite of products and services to satisfy customers’ needs as it moves to a modern financial institution.
The new collaboration with Nexo aligns with the bank’s mission to reinvent itself and its offerings to join the emerging economy as a regulated financial institution in the United States.