The acquisition gives Nexo and its customers the ability to open bank accounts with Summit National Bank. U.S.-based retail and institutional clients also will have access to asset-back loans, card products, and escrow and custodial solutions.
As part of the new business relationship, Nexo co-founder and managing partner Kalin Metodiev will serve on Summit National Bank’s board. Forrest Gilman, who chairs Summit’s board, said Nexo will help transform the bank “into a fully-fledged fintech bank.”
Metodieva also explained that the acquisition gives Nexo new"fintech capabilities" as it expands in the United States:
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