Are the Crypto and Fiat worlds coming together ?

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The ideal situation

The idea situation would be that anyone can move funds from fiat to cryptocurrency or vice versa. That being said it would not be untrue to say that we have seen clear hostilities in the fiat world towards cryptocurrency.

There was a a time when cryptocurrency and fiat could not see eye to eye.
One may say that it is still the case in some parts of the world.
This statement is very true however it looks like there are opportunities to bridge this gap.

So every time we hear the news of a collaboration between a cryptocurrency / blockchain based project with a fiat based entity it is a reason to rejoice.

One such major milestone has been achieved by Nexo.io and the Summit National bank.

Nexo has acquired a stake in Summit National bank

This good news comes at a time when we are experiencing a pretty tough cryptocurrency winter.
Nexo.io is a known platform in the cryptocurrency universe and Summit National bank is an established US federally chartered bank.
It is regulated by the office of the controller of currency.

This is a bridge we need

This coming together can be seen as the formation of a bridge between web3.0 and the old world financial institution.

how this benefits NEXO.IO ?

Summit National bank has the license to run a bank and the services that go with it. Nexo.io gives this coming together its cryptocurrency defi flavor.
With this it can expand its operations in the US.

This enables nexo.io to offer its services to both the retail as well as the institutional bank accounts, asset backed loans, card offerings, escrow and custodial services.

As per the terms nexo.io would be the preferred digital asset partner of the bank.

For validation the deal has been scrutinized and reviewed by the office of the controller of currency OCC.

From the banks perspective it would like to see this coming together as becoming a entity which is a Modern Digital Fintech

The benefits are mutual

Though this partnership is going to cater to the US customers however it sure sets great precedence.
Hope this can pave the way for more such collaborations and reduce the hostilities between the fiat and the cryptocurrency worlds.

As per their own admission this is the start of nexo.io's journey into a full commercial bank.

What do you think ?

Currently the nexo.io tokens trades at $0.92

It would be nteresting to watch this token not only for its price action but also for the volume, market cap and the ranking movement.
Let us see if this can be a n interesting play going forward.

Would investors see holding the nexo token as holding the stock of a bank ?
Would it be beneficial and would the price of the token moon ?

Do share your views in the comments.

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