Norwegian Block Exchange (NBX) said on Friday that it would be the first cryptocurrency platform in the Nordic region (Norway, Sweden, Denmark, and Finland) to list its shares on the Euronext stock exchange.
NBX has now listed eight cryptocurrencies and roughly 20 trading pairings. The Financial Supervisory Authority of Norway\ has authorised and overseen the exchange.
NBX claims to be the only platform in the Nordic countries to protect clients’ cryptocurrency through the $150 million Ledger Vault insurance pool, which pays out in the event of a covered incident.
NBX raised $6.6 million in December in an equity and sale transaction. It would not raise any additional funds in preparation for the Euronext listing. On over-the-counter exchanges, the company’s market value increased by 142% to $56.52 million in the last year.
It has more than 25,000 customers and processed $101.18 million in revenue in the first nine months of the year.
In response to the news, CEO Stig Kjos-Mathisen issued 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.
Even as regulators have taken a looser approach on digital asset oversight, cryptocurrency uptake in the Nordics has been gradual.
Crypto activities in Norway are mainly unregulated, according to Norway’s financial administrative agency, which solely supervises corporations for money laundering.
There are less than ten companies engaged in the digital currency market in Finland. On Sweden’s Nordic Growth Market exchange, the first Polkadot exchange-traded vehicle was recently launched.
In Denmark, the country’s largest bank advises caution when it comes to cryptocurrency acceptance but opposes involvement.