Nexo, a Swiss cryptocurrency lender, has acquired a stake in Hulett Bancorp in Hulett, Wyo.
Nexo did not disclose the size of its stake in the parent of the $96.4 million-asset Summit National Bank, or how much it paid.
Nexo said the deal will allow it to offer U.S. retail and institutional clients services such as bank accounts, asset-backed loans card programs, and escrow and custodial solutions.
Summit will also be repositioned to become a “modern digital fintech bank,” Nexo said in a press release.
“This investment marks another landmark in Nexo’s relentless drive to better serve our U.S. customers in compliance with the constantly evolving regulatory landscape,’’ Kalin Metodiev, Nexo’s managing partner, said in the release.
“We care deeply about our customers and are thrilled that this development will grant them access to some of the most innovative products at the intersection of traditional finance and blockchain technology,” added Metodiev, who joined Summit’s board.