Cryptocurrency lender Nexo has acquired a minority stake in Summit National Bank, a financial institution regulated by the Office of the Comptroller of the Currency (OCC).
The deal will enable Nexo to open bank accounts with Summit National Bank as well as enhancing its lending and card products, according to an announcement on Tuesday.
Nexo can now expand its presence in the U.S. while building out its crypto products within a federally-regulated environment.
The news comes a day after seven U.S. states, including New York and California, brought legal action against Nexo for offering unregistered securities in the form of its yield-bearing account which pays interest for crypto deposits.
By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy.
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...