Norwegian Block Exchange

Norwegian Block Exchange to become first publicly listed crypto exchange in Nordics


Norwegian Block Exchange (NBX) announced on Friday (Dec. 3) that it has applied for listing on Europe’s Euronext Growth and plans to become the first publicly listed cryptocurrency exchange in the Nordic countries (Norway, Sweden, Denmark and Finland.)

NBX was founded in 2018, by Bjørn Kjos, who also founded low-cost airline Norwegian Air Shuttle and Bank Norwegian. The idea was to make crypto currency easily available in a safe manner for everyone, as well as to establish cost efficient crypto-based payment systems. NBX is registered with the Financial Supervisory Authority of Norway (Finanstilsynet) and intends to obtain a license as an e-money

NBX claims it is the only platform in the Nordics that insures clients’ crypto via the $150 million Ledger Vault insurance pool that pays out should a covered event occur.

Last December, NBX raised NOK 60 million ( $6.6 million) in equity and will not raise additional capital in connection with the listing on Euronext. The NBX stock has recently been traded at NOK 8 per share in the OTC market, which implies a market capitalization of approximately NOK 519 million.

This represents an increase of 142% compared to the valuation at the last capital raise in December 2020. The company has over 25,000 customers and processed $101.18 million during January-September 2021.

“We are currently well-funded to be able to deliver on our ambitions for 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. The listing represents another quality stamp for us, said CEO of NBX Stig Kjos-Mathisen.

First day of trade for the NBX share on Euronext Growth is expected in the near future. Pareto Securities AS is acting as advisor for NBX in connection with the listing on Euronext Growth. Advokatfirmaet Selmer AS is acting as legal counsel to NBX and AGP Advokater AS is acting as legal counsel to Pareto Securites AS. Corporate Communications AS is acting as communications
advisor to NBX.

Euronext Growth (Brussels, Dublin, Lisbon, Oslo and Paris)  is a multilateral trading facility (MTF) operated by Euronext, the pan-European stock exchange. Euronext Growth is suited to small- and mid- sized companies (SMEs) that want to raise funds to finance growth. Listing requirements are simplified and reporting requirements are lighter than for the regulated market. Euronext Growth is open to both professional and individual investors. Although a controlled market, it is not regulated as defined by EU directives and thus offers an alternative route for organisations that are at earlier stages of development.

In October, Crypto Blockchain Industries S.A., a French investment company specialized in equity investments in the blockchain-based services across multiple industries (from interactive entertainment to industrial services), also listed on Euronext Growth in Paris, highlighting the burgeoning appeal of cryptocurrencies around the world.