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  • Writer's pictureMagdalena Gołębiewska

Norwegian bank Sparebanken Øst invests $1.65M in crypto exchange

Norwegian savings bank Sparebanken Øst has bought a stake in a local cryptocurrency exchange founded by airline magnate Bjørn Kjos.

Sparebanken Øst paid NOK15 million (about US$1.65 million) for a 16.3% stake in Norwegian Block Exchange (NBX), which has yet to launch.

Kjos - who made his fortune as founder and CEO of Norwegian Air Shuttle - has been developing NBX since last year, promising to offer digital asset trading, payment and savings solutions, and other blockchain-based services.

In a statement, Sparebanken Øst notes the potential for collaboration between NBX and Norwegian Air Shuttle on payments.

Explaining the investment decision, the bank says it wants to build up its knowledge around crypto and blockchain, and

"learn from and understand disruptive initiatives".

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