KEY POINTS
  • Cryptocurrency lender Nexo said it has agreed to buy an undisclosed stake in Hulett Bancorp, which owns a little-known bank called Summit National Bank.
  • Through Summit National Bank, Nexo plans to offer a range of products including checking accounts and crypto-backed loans.
  • Nexo's bank license will bring users enhanced legal safeguards and help it expand its footprint in the U.S., the company said.
Cryptocurrencies have been under pressure after the collapse of major exchange FTX.

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 little-known bank called Summit National Bank. Through Summit National Bank, which holds a federal bank charter with the Office of the Comptroller of the Currency, Nexo plans to offer a range of products including checking accounts and crypto-backed loans.