NBX eyes banking licence after funding boost

Launched in April 2020, NBX is a Norwegian cryptocurrency exchange, custodian and payment system

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NBX eyes banking licence after funding boost

The Norwegian Block Exchange (NBX) is on course to obtain a banking licence and become a preferred digital assets services provider in the Nordics after securing $7.12 million in funding.

The funding, arranged via private placement by Nordic investment bank Pareto Securities, which served as sole manager and book runner, provides NBX with the “financial robustness” required to become one of Europe’s first digital assets banks.

Launched in April 2020, NBX is a Norwegian cryptocurrency exchange, custodian and payment system.

It started as a spin-off from Norwegian Air Shuttle to introduce cryptocurrency payments to the air industry, and was set up by Bank Norwegian founder Bjørn Kjos.

Kjos says the $7.12 million in funding will enable the provider to build on its success in the Nordics, which has seen it attract more than 7,000 clients, including institutional accounts, and grow trading volume up to $2.38 million.

He continues: “This funding will provide NBX with the financial robustness to pursue a banking license, and become one of Europe’s first digital assets banks, while simultaneously expanding our services to new countries and establishing NBX as the preferred digital asset service provider in the Nordics.”

NBX plans to develop further relationships with institutional clients that are considering cryptocurrencies in wealth management.