Nexo Returns to U.S. Crypto Market with New Acquisition After 3-Year Absence

Cryptocurrency lending platform Nexo is making a strategic comeback to the United States market. This move follows its acquisition of a stake in a regulated entity, Summit National Bank's parent company, in early 2023. The deal provides Nexo with the necessary regulatory framework to offer digital asset-related financial services, including custody and payment solutions, to U.S. customers. This marks a significant reversal from 2022, when Nexo phased out its U.S. operations, citing a lack of regulatory clarity and calling it a "dead end." The re-entry signals Nexo's confidence in the evolving U.S. regulatory landscape for cryptocurrencies and its commitment to compliant expansion. The platform aims to leverage its new banking partnership to bridge traditional finance with the digital asset ecosystem.