Nexo Awarded California Finance Lender License from the Department of Business Oversight

Mar 25, 2021•2 min read

  • 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, March 25, 2021 — Nexo, a leading digital assets institution 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 for digital assets, offering:

  • Insurance protections on custodial assets
  • Assets-backed by a portfolio of credit lines
  • Stringent KYC and AML compliance controls
  • Dynamic credit lines starting at 5.9% APR
  • Industry-leading yields on assets in savings accounts
  • Seamless exchange experience with 100+ market pairs

About Nexo

Nexo is a leading digital assets institution. Committed to enhancing the value and utility of digital assets, the company offers a comprehensive suite of services including advanced trading solutions, liquidity aggregation from top trading venues, and flexible asset-backed credit lines. Since its inception in 2018, Nexo has processed $130+ billion for 7,000,000+ satisfied users across more than 200 jurisdictions. For more details, visit: nexo.com

Contacts

Stella Zlatareva PR Manager, Nexo [email protected]