A Switzerland-based crypto lending platform Nexo has officially announced the acquisition of a stake in a full-fledged Summit National Bank to offer a variety of cryptocurrency services to both retail clients and institutional customers.
The range of products delivered out of the box will include bank accounts, asset-based loans, various card programs and other services offered in cryptocurrency.
Despite the fact that Nexo buys a stake in a little-known bank, it will bring the entire crypto industry to a new level. The platform will now have enough tools to offer crypto-backed loans, checking accounts and other traditional banking services supported by coins.
The most important thing here is that Nexo will obtain a banking license to ensure legal safeguards for both retail and institutional customers. This fact definitely brings the entire crypto industry to a new level.
The acquisition will likely create a positive trend for the nascent crypto industry. While the market keeps licking its wounds after nearly $2 trillion has been wiped off, this particular step can encourage favor with regulators and politicians. In the end, different institutions and companies seek extra investment opportunities as well as adopting digital asset growth.
What we see today can eventually turn into an industry-changing deal making it possible for the crypto lender to develop and distribute new products and expand the company’s footprint in the U.S.
Although Summit National Bank is little-known, it has a long history. Hailing from Wyoming, the bank was founded back in 1984. Later, it started spreading across the country with new sites opened in Montana and Idaho.
Its major banking services include mortgage, real estate, commercial products, agricultural funding, and more. Today, the bank is about to become a part of the industry-changing acquisition that will boost the crypto market.
