The Norwegian Block Exchange (NBX) announced on Friday that it will be the first Nordic cryptocurrency platform (Norway, Sweden, Denmark and Finland) to list its shares on Euronext. NBX was founded in 2018 by Bjorn Kjoss, who also founded a Norwegian airline and a Norwegian bank.
Eight cryptocurrencies are listed on NBX and around 20 trading pairs are available. The exchange was approved and supervised by Finanstilsynet. NBX claims to be the only platform in Scandinavia that secures cryptocurrency for customers through a $150 million Ledger Vault, which is paid out in the event of an insured event.
Last December, NBX raised $6.6 million in stock and sales. This will not include the additional capital increase pending listing on Euronext. Last year, the company’s over-the-counter market capitalization increased by 142% to $56.52 million. It has more than 25,000 clients and processed $101.18 million in the first nine months of the year.
CEO Stig Kyos-Mathisen issued the following development announcement:
“We are currently well-funded to realize our ambitions in technology, product development and customer acquisition in the short term. But as a listed company we will be linked to a much broader investor base and well equipped to use the stock market when additional capital is needed later on.”
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Cryptocurrency adoption in the northern region has been slow, even as regulators have taken a softer stance on digital asset monitoring. The Norwegian Financial Authority believes that cryptocurrency activities in the country are largely unregulated and only control money laundering companies. There are less than 10 registered cryptocurrency companies in Finland. In Sweden, the first exchange-traded product, Polkadot, was recently launched in the Nordic growth market. In the case of Denmark, the country’s largest bank urges caution over cryptocurrency adoption, but does not support intervention.