Nexo buys 'minority' stake in OCC-regulated U.S. bank Summit National

09/27 13:33

According to The Block, Crypto lender Nexosaid it has acquired a stake in US-based Summit National Bank, which is regulated by the Office of the Comptroller of the Currency (OCC). 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.

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