- Nexo awarded commercial lender’s license in the State of California
- License by one of the most demanding U.S. regulators marks key milestone
- Company expects further borrowing demand from California entities
LONDON–(BUSINESS WIRE)–March 25, 2021–
Nexo, the leading regulated financial institution for digital assets with over $5 billion in assets under management, today announced it has obtained a California Finance Lender (CFL) License, applicable to lenders and brokers of commercial loans in the United States, from the California Department of Business Oversight (DBO).
“The CFL license is a significant milestone in serving both our expanding client base and the next generation of crypto adopters within California State’s regulatory framework,” said Antoni Trenchev, Co-founder and Managing Partner of Nexo. “Our latest lender’s license in the U.S., it further showcases our commitment to building a fully compliant and sustainable business globally and sets the bar high for the industry.”
Given the increased demand for Nexo services from California-based retail customers and institutions, the company expects the CFL license to play an immediate role in driving further interest to its flagship Instant Crypto Credit Lines™.
California is among the states which hold sway over the regulation of commercial lending activities in the U.S. and is considered the one with the most onerous licensing requirements. As well as the most populous state and an economic powerhouse that would be the fifth largest economy in the world were it a country, California is a technological hub crucial to accelerating the acceptance and adoption of digital assets.
Since pioneering crypto-collateralized credit lines in 2018, Nexo has become the leading regulated provider of liquidity and security for digital assets, offering:
- $375M in insurance protections on all custodial assets
- Assets backed by a portfolio of 200–500% over-collateralized credit lines
- Stringent KYC and AML compliance controls
- Tax-efficient, dynamic credit lines starting at 5.9% APR
- Industry-leading yields on assets in savings accounts
- Seamless exchange experience with 100+ market pairs
Nexo is the world’s leading regulated financial institution for digital assets with $5+ billion in assets under management. The company’s mission is to maximize the value and utility of cryptocurrencies by offering tax-efficient Instant Crypto Credit Lines™, a high-yield Earn on Crypto & Fiat suite, and sophisticated trading and OTC capabilities, while providing the top-tier custodial insurance and military-grade security of the Nexo Wallet. Nexo manages assets for 1,000,000+ users across more than 200 jurisdictions.
PR Manager, Nexo
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