Share this article
Norwegian Bank Invests in Crypto Exchange Founded by Airline Magnate
Savings bank Sparebanken Øst has just taken a stake in NBX, a crypto exchange set up by Norwegian Air founder Bjørn Kjos.
Updated Sep 13, 2021, 11:24 a.m. Published Sep 3, 2019, 12:30 p.m.
Make us preferred on Google
A Norwegian savings bank dating back to the mid-1800s has just invested in a cryptocurrency exchange set up by local business magnate Bjørn Kjos.
In a press release posted on the Oslo Stock Exchange, Sparebanken Øst said it had taken a 16.3 percent stake in Norwegian Block Exchange (NBX) for 15 million Norwegian krone (around $1.638 million).
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
NBX was revealed to be in development in April of last year, after being founded by Kjos and his family. Bjorn's son Lars Ola Kjos – apparently a fan of bitcoin – was also involved in setting up the company, while his son-in-law, Stig Aleksander Kjos-Mathisen, is running the platform. NBX launched for limited user testing in mid-August.
With Bjorn the founder and former CEO of Norwegian Air Shuttle, the top Scandinavian airline is expected to tie up with NBX to offer cryptocurrency payments for flight tickets.
In its investment announcement, Sparebanken Øst said:
"Possible collaboration with the airline Norwegian Air Shuttle, a key player with NBX, could be a platform for launching new solutions on a mass scale, and the bank sees great market potential both nationally and internationally."
The bank added that, in backing in NBX, the exchange "will offer solutions that will equip the bank to manage competition and future-oriented solutions for its customers."
Bjorn Kjos image via Norwegian Air/Kristoffer Sandven
More For You
Accelerating Convergence Between Traditional and On-Chain Finance in 2026?
Commissioned bySociete Generale-FORGE
More For You
Ark Invest's Cathie Wood says bitcoin will thrive amid ‘deflationary chaos’ created by AI and innovation
Exponential tech will force down prices and stress legacy finance, for which bitcoin offers a trustless alternative, said Wood at Bitcoin Investor Week.
What to know:
- Cathie Wood argues that bitcoin is a hedge not only against inflation but also against a coming wave of technology-driven, productivity-led deflation.
- She says rapid cost declines in artificial intelligence and other exponential technologies will trigger "deflationary chaos" that traditional financial institutions and the Federal Reserve are unprepared for.
- In her view, bitcoin’s decentralized design and fixed supply make it a safer alternative to fragile, debt-based financial systems that could be strained by deflation and disrupted business models.
Top Stories
