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September 29, 2022

Nexo acquires stake in Summit National Bank

September 27, 2022Nexo, a regulated institution for digital assets with $4 billion in assets under management, announced the acquisition of a stake in Hulett Bancorp (DBA Mode Eleven) and its federally chartered Summit National Bank, in a transaction that expands Nexo’s footprint in the US with a view to enhancing both institutions’ respective offerings.

The deal will allow Nexo to offer its US retail and institutional clients services that include bank accounts, asset-backed loans, card programs, as well as escrow and custodial solutions through Summit National Bank. Nexo customers will retain existing service levels and access enhanced legal safeguards utilizing Summit National Bank’s federal-level lending and payments infrastructure.

As part of Mode Eleven, Summit National Bank is reimagining itself and its offering to serve customers’ needs as a modern digital FinTech bank. The bank will benefit from Nexo's FinTech expertise and gain access to a product suite for digital assets, creating a bridge between Web3 and traditional finance to boost both companies’ capabilities and addressable markets.

The partnership with Nexo has been reviewed by the Office of the Comptroller of the Currency as part of the general overhaul plan, and Nexo is Summit National Bank’s preferred digital asset partner for the push toward innovation.

Founded as Hulett National Bank in 1984, the leadership of Mode Eleven and Summit National Bank bring a strong record of compliance with US regulatory requirements as the bank expands into new lines of business.

“This investment marks another landmark in Nexo’s relentless drive to better serve our US customers in compliance with the constantly evolving regulatory landscape,’’ said Kalin Metodiev, CFA, co-founder and managing partner of Nexo and recently appointed as Summit National Bank board member. “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.”

“We are delighted to welcome Nexo aboard,’’ said Forrest Gilman, Chairman of the Board, and President of Summit National Bank. “We are excited to be partnering with Nexo as we combine Summit National Bank's traditional strengths and values with our vision for the bank’s future. Kalin’s active engagement on the Board strengthens our work on the transformation of the bank into a fully-fledged cutting-edge FinTech bank with access to new clients.” Gilman’s more than 30 years of work in traditional financial services – including positions at UBS, Deutsche Bank, and Citibank make him an ideal steward for Summit Bank’s next chapter.

Nexo’s long-term plans include the expansion of its global commercial banking capabilities, both through the partnership with Summit National Bank and by securing additional banking licenses on a global scale. With over 50 licenses and registrations across the globe, the firm serves more than 5 million customers in over 200 jurisdictions, having processed more than $100 billion since its inception.

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