Nexo Announces U.S. Relaunch, Citing Crypto Optimism Under Trump

Crypto lender Nexo is reentering the U.S. market after a two-year exit, citing a favourable environment for crypto under the Trump administration. The firm currently manages $11 billion in assets and aims to provide services like high-yield savings and credit lines to U.S. clients. Nexo had left the U.S. in 2022 due to regulatory challenges and negotiations that did not pan out.

After a two-year absence, the digital asset platform Nexo announced plans to resume operations in the U.S., following a challenging regulatory landscape that prompted its exit in late 2022. Co-founder Antoni Trenchev revealed the company aims to offer its services to both retail and institutional clients. The return is being hailed as a response to what Trenchev describes as a renewed climate of innovation, influenced by the Trump administration.

“America is back and so is Nexo,” Trenchev declared at a press event in Bulgaria, attended by Donald Trump Jr. He cited the former president’s leadership as a catalyst for an environment that fosters rather than stifles innovation. Speaking to gathered journalists, Trenchev expressed optimism about the potential for growth in the U.S. crypto market.

Currently, Nexo manages around $11 billion in assets. With its U.S. relaunch, the platform intends to provide a comprehensive suite of services. These services include high-yield savings accounts, asset-backed credit lines, and enhanced trading solutions tailored to suit U.S. consumers’ needs.

The firm initially exited the U.S. market due to perceived regulatory hurdles, specifically concerning its Earn Interest Product. In a previous statement, Nexo described the negotiations with state and federal regulators as hitting a “dead end.” The collapse of crypto exchange FTX exacerbated the challenges faced by crypto lenders, leading Nexo to further evaluate its operating conditions.

In retrospect, Nexo’s leadership felt that remaining active in a steadily increasing crackdown by various state regulators was unsustainable. California and New York were particularly noted for their stringent enforcement actions against crypto firms. Thus, the withdrawal from the U.S. was seen as a necessary move.

The recent return, therefore, is being viewed through the lens of an evolving political landscape and shifting attitudes towards cryptocurrency in America. With the optimism surrounding the Trump administration’s policies, Nexo hopes to not only reestablish its presence but also innovate in a sector that has seen upheaval in recent years.