On Friday, Norwegian Block Exchange (NBX) announced that it would become the first cryptocurrency platform among the Nordic countries (Norway, Sweden, Denmark and Finland) to list its shares on the pan-European Euronext exchange.. NBX was created in 2018 by Bjørn Kjos, who also founded Norwegian Air Shuttle and Bank Norwegian.
NBX has eight listed cryptocurrencies and about 20 trading pairs available. The exchange is approved and supervised by the Norwegian Financial Supervisory Authority. NBX claims that it is the only platform in the Nordic countries that insures its clients’ cryptocurrencies through the $ 150 million Ledger Vault insurance fund, which pays in the event of a covered event.
Last December, NBX raised $ 6.6 million through a share sale. It will not raise more capital in anticipation of the listing on Euronext. In the past year, the company’s market capitalization increased 142% on over-the-counter trades, to $ 56.52 million. It has more than 25,000 clients and processed USD 101.18 million during the first nine months of the year.
Its CEO, Stig Kjos-Mathisen, made the following statement in this regard:
“We are well funded to meet our ambitions of technology and product development as well as short-term customer engagement. However, as a publicly traded company, we will be relevant to a much broader investor base and well equipped. to use the stock market when more capital is needed later. “
The adoption of cryptocurrencies in the Nordic countries has been slow, despite the fact that regulators have taken a softer stance on the supervision of digital assets. Norway’s financial management body considers cryptocurrency activities in the country to be largely unregulated and only oversees companies for money laundering. In Finland, fewer than 10 companies are registered to operate in the digital currency space. In Sweden, Polkadot’s first listed product was recently launched on the country’s Nordic Growth Market. As for Denmark, the country’s largest bank urges caution in the adoption of cryptocurrencies, but does not support intervention.
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