Norwegian Block Exchange (NBX), a leading crypto exchange in the Nordic region, recently shared that it has added Bitcoin to its balance sheet, becoming the first publicly listed company in Norway to do so. The company said it plans to use this Bitcoin as collateral to issue a new stablecoin on the Cardano blockchain.
According to the press release on June 2, NBX secured 6.0 Bitcoin worth $663,700 and plans to increase the total to 10.0 by the end of the month. The Bitcoin was loaned from NBX’s largest shareholders and will not be sold or shorted. “NBX will not sell this Bitcoin or go short in any form,” the company confirmed.
The stablecoin that will be issued, called USDM, will be the only MiCA-compliant token on the Cardano blockchain in Europe. NBX will also try to earn returns on the Bitcoin and through the Cardano and USDM systems.
Meanwhile, NBX is already known for launching the first-ever credit card with Bitcoin cashback. The exchange has also distributed about 3.78 BITC to customers through the cashback program since its launch
Now, the company wants to build more services like Bitcoin-backed loans and interest-earning products. One of its plans is to use Bitcoin to make its systems more efficient and attract new investors.
NBX hopes to bring in capital from people and funds who want Bitcoin exposure but can only invest in public Norwegian companies. The company is now speaking with high-net-worth individuals and family offices to raise funds to buy even more Bitcoin.
The exchange says it will hold an event on June 11 to explain the plan for its Bitcoin treasury properly, but only for individuals that will be invited. For NBX, this is only the beginning of its long-term vision to become a full digital asset bank.
“Bitcoin is becoming an important part of the global financial infrastructure.” the company stated in the press release. “Since starting with credit products, the mission has been to broaden our product scope with Bitcoin-backed loans and this will allow for exploring that in the coming quarters as well.”
NBX has now joined the trend of companies that have adopted Bitcoin in the balance sheet. According to public data, 214 companies worldwide already hold Bitcoin. Micheal Saylor’s compnay, Strategy is topping this trend as the largest Bitcoin Holding company with a total holding of $580,955 BTC. This number is valued at about $60 billion.
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