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Crypto Lender Nexo Makes Strategic Investment in SEC-Licensed Broker-Dealer
The firm’s investment into Texture Capital may be aimed at limiting regulatory scrutiny when it seeks to expand in the U.S.
Updated May 11, 2023, 4:06 p.m. Published Nov 9, 2021, 3:42 p.m.
Cryptocurrency lender Nexo said it made a strategic investment in U.S.-regulated broker-dealer Texture Capital without specifying how much money is involved.
- The firm will be hoping to realize its previously stated aim of escaping regulatory scrutiny as it seeks to expand in the U.S.
- Nexo declined to say how much it invested in Texture Capital.
- Nexo is aiming to escape the fate of fellow crypto lenders BlockFi and Celsius, whose products were deemed to be unregistered securities by numerous regulatory bodies.
- Co-founder Antoni Trenchev detailed in September how Nexo’s plan was to acquire a broker-dealer licensed by the U.S. Securities and Exchange Commission to use as a conduit for “modified versions” of its crypto lending products.
- Texture Capital is SEC licensed for issuance and trading of digital asset securities as well as being registered in all 50 U.S. states, Nexo said Tuesday. It is also a member of the Financial Industry Regulatory Authority, a self-regulatory organization.
- Nexo’s investment in Texture Capital forms part of the broker-dealer’s seed funding round.
Read more: Celsius CEO Eager to ‘Educate’ Securities Regulators in Brewing Legal Fight
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