Nexo buys ‘minority’ stake in OCC-regulated U.S. bank Summit National: Exclusive

Nexo buys ‘minority’ stake in OCC-regulated U.S. bank Summit National: Exclusive

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Nexo buys ‘minority’ stake in OCC-regulated U.S. bank Summit National: Exclusive

The Block2 months ago
NexoNexo
Published on September 27, 2022 13:00 GMT+00:00edited on September 27, 2022 17:01 GMT+00:00

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Crypto lender Nexo has bought a stake in Summit National Bank, a U.S. federal bank regulated by the Office of the Comptroller of the Currency (OCC).

Sharing the news exclusively with The Block on Tuesday, Nexo said the deal will expand its presence in the U.S., enabling the firm to offer bank accounts, lending and card services to both retail and institutional clients. The bank's clients will be able to access Nexo's crypto services, said the firm.

"It is a minority stake" acquisition in the bank, or less than 50%, Nexo co-founder Antoni Trenchev told The Block. He declined to comment on the deal size but said it is all in cash and the transaction has been completed.

The news comes a day after eight U.S. states — California, Kentucky, New York, Maryland, Oklahoma, South Carolina, …