Savings bank in Norway invests in a crypto exchange
|One of the next big things in the crypto market is savings.
A Norwegian savings company called Sparebanken Øst has invested approximately USD 1.65 million (NOK15 million) for a 16.3 percent stake in Norwegian Block Exchange (NBX).
According to the 2018 annual report, the total assets of Sparebanken Øst Boligkreditt AS amounted to NOK 142 billion at the end of 2018,
They also commented:
“While risk is high in NBX, the investment is financially marginal for the bank,” according to the release. “The bank believes that the ownership position in NBX is sound, based on the bank’s solidity and risk profile, and is responsible in relation to the bank’s needs and desire to take a leading role in technological developments in the industry.”
“It is important for Sparebanken Øst that the company can satisfactorily meet the quality requirements imposed by the authorities, including customer identification and anti-money laundering, with which NBX is aligned,”
The project is founded by Norwegian airline mogul Bjorn Kjos. Norwegian Air also once announced that customers of the airline could soon begin to purchase plane tickets using Bitcoin.
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