Nexo, the UK-based regulated institution for digital assets, has acquired a stake in Hulett Bancorp (DBA Mode Eleven) and its federally chartered Summit National Bank, in a transaction that expands Nexo’s footprint in the U.S. The deal will allow Nexo to offer its U.S. retail and institutional clients services that include bank accounts, asset-backed loans, card programs, and escrow and custodial solutions through Summit National Bank. Nexo is Summit National Bank’s preferred digital asset partner.
Nexo’s long-term plans include the expansion of its global commercial banking capabilities, both through the partnership with Summit National Bank and by securing additional banking licenses on a global scale.