Crypto lender Nexo gets U.S. bank charter after buying stake in regulated bank
The crypto market has been battered this year, with nearly $2 trillion wiped off its value since its peak. Jonathan Raa | Nurphoto | Getty Images Cryptocurrency lender Nexo on Tuesday announced it has taken a stake in a federally-regulated U.S. bank, paving the way for the company to offer banking services to Americans as a licensed institution. Nexo, based in Zug, Switzerland, said it has agreed to buy an undisclosed stake in Hulett Bancorp, which owns a lit t le-known bank called Summit National Bank. Through Summit National Bank, which holds a federal bank charter with the Office Comptroller of the Currency, Nexo plans to offer a range of products including checking accounts and crypto-backed loans. The move is a significant development for the nascent crypto industry, which is seeking to win favor with politicians and regulators as investment and adoption of digital assets grows. The market has been licking its wounds following the collapse of controversial token terraUSD, which sp...