Sparebanken Øst has announced that it is investing in Norwegian Block Exchange, a cryptocurrency exchange normally referred to as NBX.
Backed by Norwegian Air, NBX is set up to empower customers to trade and make payments using cryptocurrencies like bitcoin. Customers would also earn points with the airline when doing so.
Sparebanken Øst is framing its push into crypto as a part of its ongoing modernisation efforts. Since 2005, this strategy has seen the bank actively invest in FinTech to ensure it stays relevant to its customers.
It stated in a release that it has bought an ownership stake in the cryptocurrency exchange. Sparebanken Øst stated that buying into NBX would enable the bank to learn about disruptive initiatives and solutions.
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