Norwegian Block Exchange Will Be The First To List On Euronext

The Norwegian Block Exchange will be the first one among the Nordic countries that will list on Euronext as we are reading more in today’s blockchain news today.

The NBX CEO Stig Kjos-Mathisen noted:

“The future of the financial industry is built on blockchain technology.”

The Norwegian Block Exchange announced it will become the first platform in the Nordic region to list its shares on the Euronext stock exchange. NBX was created in 2018 by Bjorn Kjos who founded Norwegian Air shuttle and Bank Norwegian. NBX has eight cryptocurrencies that are listed and about 20 trading pairs available. The exchange is approved and it is also supervised by the Financial Supervisory Authority of Norway and claims to be the only platform in the Nordic countries that ensures the client’s crypto via the $150 million Ledger Vault insurance pool which pays out if a covered event occurs.

NBX  raised $6.6 million in equity and sale and will not be raising more capital in anticipation of the Euronext listing so the firm’s market capitalization surged 142% on over-the-counter exchange to $56.52 million and has more than 25,000 customers and processed $101.18 million during the nine months of the year. The CEO gave 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.”

Crypto adoption in the Nordics was slow as regulators took a softer stance on digital asset oversight and the financial administrative body saw crypto activities in the country as largely unregulated and only supervises the companies for money laundering. In Finland, less than 10 companies are registered as operating in the digital currency space while in Sweden the first Polkadot exchange-traded product launched on the country’s Nordic Growth Market exchange. Denmark and its biggest bank urges caution on crypto adoption but don’t support intervention.
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As recently reported, Norway is known for its high-tech finance industry and it is one of the few cashless countries on the planet with 4% of the payments conducted with banknotes and coins. The adoption of digital payments hasn’t spilled over to the crypto space and the central bank of the country stated in the past that BTC doesn’t preserve stability and it is too expensive.