Nexo gets U.S. bank charter after buying regulated bank's stake.

By The Exchange Team

Nexo stated Tuesday that it has acquired a share in a federally-regulated U.S. bank, allowing it to offer banking services to Americans.

Nexo, based in Zug, Switzerland, will buy an unknown interest in Hulett Bancorp, which controls Summit National Bank.

Nexo wants to offer checking accounts and crypto-backed loans through Summit National Bank, a federally chartered bank.

Nexo wants to offer checking accounts and crypto-backed loans through Summit National Bank, a federally chartered bank.

The move is crucial for the young crypto industry, which is seeking favor with politicians and authorities as digital asset investment and acceptance develops.

The market is nursing its wounds after the collapse of controversial token terraUSD, which prompted a wave of liquidations and company collapses.

Nexo declined to reveal the size of their investment in Summit National Bank. The deal was dubbed a "industry-changing transaction" by the firm.