Norwegian Block Exchange (NBX) announced on Friday that it would be the first cryptocurrency platform in the Nordic region (Norway, Sweden, Denmark, and Finland) to list its shares on the Euronext stock exchange. Bjrn Kjos, who also founded Norwegian Air Shuttle and Bank Norwegian, founded NBX in 2018.
NBX currently lists eight cryptocurrencies and about 20 trading pairs. The Financial Supervisory Authority of Norway has approved and overseen the exchange. NBX claims to be the only platform in the Nordic countries to ensure clients’ cryptocurrency through the $150 million Ledger Vault insurance pool, which pays out in the event of a covered event.
NBX raised $6.6 million in December through an equity and sale transaction. It would not raise any additional funds in preparation for the Euronext listing. On over-the-counter exchanges, the company’s market capitalization increased by 142% to $56.52 million in the last year. It has more than 25,000 customers and processed $101.18 million in revenue in the first nine months of the year.
In response to the news
CEO Stig Kjos-Mathisen issued the following statement:
‘We are currently well-funded to be able to deliver on our ambitions for the development of technology. And products as well as customer acquisition in the near term. However, as a listed company, we will be relevant for a much broader investor base. And be well equipped to utilize the equity market when more capital is required later.
Even as regulators have taken a softer stance on digital asset oversight, cryptocurrency adoption in the Nordics has been slow. Crypto activities in Norway are largely unregulated, according to Norway’s financial administrative body, which only supervises companies for money laundering. There are fewer than ten companies operating in the digital currency space in Finland. On Sweden’s Nordic Growth Market exchange. The first Polkadot exchange-traded product recently launched. In Denmark, the country’s largest bank advises caution when it comes to cryptocurrency adoption but opposes intervention.