Norwegian Bank Invests in Cryptocurrency Exchange Set up by Bjørn Kjos

A Norwegian savings bank has just put up an investment in a cryptocurrency exchange set up by local business tycoon Bjørn Kjos.

In a press release published on the Oslo Stock Trade, Sparebanken Øst said it had taken a 16.3 percent stake in Norwegian Block Exchange (NBX) for 15 million Norwegian krone (roughly $1.638 million).

NBX was reported to be in development in April of last year, after being established by Kjos and his family. Bjorn’s child Lars Ola Kjos – a fan of bitcoin – is managing the exchange’s operations. The platform went live for restricted user testing in mid-August.

With Bjorn the founder and previous CEO of Norwegian Air Shuttle, the top Scandinavian airline is anticipated to partner with NBX to offer cryptocurrency payments for flight tickets.

In its venture announcement, Sparebanken Øst stated:

“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 further said that, in supporting NBX, the exchange “will offer solutions that will equip the bank to manage competition and future-oriented solutions for its customers.”