Crypto Lender Nexo Buys a Stake in Wyoming-Based Summit National Bank
Posted on 09/27/2022
Crypto lending platform Nexo announced it was taking a stake in Hulett Bancorp (DBA Mode Eleven) and its federally chartered Summit National Bank. Summit National Bank is based in Wyoming. Nexo purchased a stake in a U.S. federally chartered bank, which is regulated by the Office of the Comptroller of the Currency. As part of Mode Eleven, Summit National Bank is reimagining itself and its offering to serve customers’ needs as a digital FinTech bank. Recently, Nexo Group was hit with enforcement actions from various state securities regulators.
Hulett Bancorp was founded as Hulett National Bank in 1984.