Nexo has acquired a stake in the bank holding company that owns Summit National Bank, which is the US federally chartered bank regulated by the Office of Comptroller of the Currency.
Nexo is a blockchain-based platform that offers a FIAT on-ramp for numerous cryptocurrencies and is a cryptocurrency exchange that offers crypto-backed loans.
Nexo (NEXO/USD) features its own native cryptocurrency, which, once locked in the platform, gives users access to numerous benefits, including discounts on interest accumulated on loans as well as the opportunity to get interest payments on deposited funds.
The stake in a US Bank as a catalyst for growth
Summit National Bank, a subsidiary of Hulett Bancorp (DBA Mode Eleven), is making a move towards becoming a modern digital FinTech bank, and Nexo has become the preferred digital asset partner.
This deal has established Nexo’s US presence and has enabled the digital assets platform to open bank accounts with the Summit National Bank and enhance lending and card products that will leverage the bank’s decade-long track record of excellence when it comes to regulatory compliance.
Should you buy Nexo (NEXO)?
On September 28, 2022, Nexo (NEXO) had a value of $0.87235.
The all-time high of the NEXO cryptocurrency was on May 12, 2021, at a value of $4.07. Based on this, we can see that the cryptocurrency has decreased and is trading at $3.19765 under its all-time high, or 78% lower.
When we go over its weekly performance, the 7-day low of Nexo (NEXO) was at $0.862743, while the 7-day high was at $0.982966. Here we can see an increase of $0.120223 or 14%.
However, when we take a look at its 24-hour performance, Nexo (NEXO) had its low point at $0.871526, while its high point of value was $0.952525. This gives us an indication of an increase of $0.080999 or by 9%.
With all of this in mind, at $0.87235, investors might want to buy Nexo as it can climb to $1.2 by the end of October 2022.
The post Should you buy Nexo after it acquired a stake in US Bank? appeared first on Invezz.