Link copied 
Norwegian savings bank Sparebanken Øst has invested in a local cryptocurrency exchange founded by local business magnate Bjørn Kjos.
As per a press release, the bank said it bought 16.3% stake in yet-to-launch Norwegian Block Exchange (NBX) for 15 million Norwegian Krone (~$1.6 million).
Kjos, who is the founder and CEO of Norwegian Air Shuttle, has been developing NBX since 2018, with plans to offer digital asset trading, payment and savings solution, and other blockchain-based services. NBX was rolled out for limited user testing in mid-August.
Under the partnership, the leading Scandinavian airline and NBX will likely partner to provide cryptocurrency payments for flight tickets.
“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.”
With Sparebanken Øst’s backing, the exchange could provide solutions that will “equip the bank to manage competition and future-oriented solutions for its customers," the release said. The bank also explained that its recent move aims to build up its knowledge on cryptocurrencies and blockchain and to “learn from and understand disruptive initiatives.”
The recent investment makes Sparebanken Øst the first Norwegian financial institution to invest in a cryptocurrency exchange.
Norwegian Air first announced that it will soon accept bitcoin for purchasing tickets via the NBX last July. As previously reported, the platform will be headed by Stig A. Kjos-Mathisen who is married to Anna Helen Kjos-Mathisen, the youngest of the Kjos daughters.
“NBX's customers are given the opportunity to earn" cash points "on trades on the stock exchange, as well as on payments made through the payment solution NBX stock for the airline,” Kjos-Mathisen said at that time.
