Norwegian Block Exchange (NBX) has announced the addition of Bitcoin to its balance sheet, becoming the first public company in Norway to do so.
Bitcoin on NBX's Balance Sheet
On June 2, NBX reported securing 6.0 Bitcoin valued at $663,700. The company plans to increase this total to 10.0 Bitcoin 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,' company representatives confirmed.
Planned Stablecoin USDM
The stablecoin being issued will be called USDM, making it the only MiCA-compliant token on the Cardano blockchain in Europe. NBX also plans to earn returns on the Bitcoin as well as through the Cardano and USDM systems.
Future Plans of NBX
Previously, NBX launched the first-ever credit card with Bitcoin cashback and has distributed about 3.78 BITC to customers through its cashback program since its inception. Now the company aims to build additional services like Bitcoin-backed loans and interest-earning products. 'Bitcoin is becoming an important part of the global financial infrastructure,' the company noted. 'Since starting with credit products, our mission has been to broaden our product scope with Bitcoin-backed loans.'
NBX plans to further develop its initiatives in the digital asset space, hoping to attract capital from investors seeking exposure to Bitcoin through public Norwegian companies.
