Norwegian Block Exchange to become the first Nordic crypto platform to be listed on Euronext

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The Norwegian Block Exchange (NBX) announced on Friday that it will become the first cryptocurrency platform among the Nordic countries (Norway, Sweden, Denmark and Finland) to list its shares on the pan-European stock exchange Euronext. NBX was established in 2018 by Bjørn Kjos, who also founded Norwegian Air Shuttle and Bank Norwegian.

NBX has eight listed cryptocurrencies and around 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 customers’ crypto through the $ 150 million Ledger Vault insurance pool that pays out in the event of a covered event.

Last December, NBX raised $ 6.6 million through an equity investment and sale. It would not proceed with any new capital raising in anticipation of listing on Euronext. In the past year, the company’s market cap jumped 142% on over-the-counter to $ 56.52 million. It has over 25,000 clients and processed $ 101.18 million in the first nine months of the year.

CEO Stig Kjos-Mathisen made the following statement regarding the development:

“We are currently well funded to be able to deliver on our technology and product development ambitions as well as short-term customer acquisition. However, as a listed company, we will be relevant to a much larger investor base and be well equipped to use the equity market when more capital is needed later.

Related: Bitcoin Capital AG Launches Two Crypto ETPs on SIX Swiss Exchange

The adoption of cryptocurrency in the Nordic countries has been slow, even as regulators have taken a more relaxed stance on the oversight of digital assets. Norway’s financial administrative body considers crypto activities in the country to be largely unregulated and only supervises businesses for money laundering. In Finland, less than 10 companies are registered as operating in the digital currency space. In Sweden, the first Polkadot exchange traded product was recently launched on the country’s Nordic Growth Market. As for Denmark, the country’s largest bank calls for caution in adopting crypto but does not support the intervention.

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