The news broke recently that the Norwegian airline and the biggest one in Scandinavia soon will start accepting cryptocurrencies as a payment method for their flights. But their plans don’t stop there, as they also plan to create their own crypto exchange – Norwegian Block Exchange (NBX). With the exchange (NBX) being closely tied into their wider network of services, where customers can earn cash points on the exchange and use them to pay for flights and other items.
“NBX’s customers are given the opportunity to earn” cash points “on trades on the stock exchange, as well as on payments made through the payment solution NBX stock for the airline,” says Kjos-Mathisen.
Stig Alexander Kjos-Mathisen – dn.no
This move into the crypto space might sound like a bit of a surprise, but if you look a bit closer into the family who owns Norwegian Air – the Kjos family then it all makes much more sense. The son of Bjorn Kjos the founder of the airline, Lars Ola Kjos is a big Bitcoin investor, and news of the crypto exchange release came out last year where son in law Stig Alexander Kjos-Mathisen said their efforts in crypto made a lot of sense to them.
Better control of the finances going through crypto markets
A lot of the reasoning behind the new crypto exchange Norwegian Block Exchange (NBX) is so that the airline who is a firm believer in the technology can have greater control over the transactions done via their exchange, and the people interacting on the exchange. This includes full KYC and AML to manage eventual risks which are still considered to be heavily associated with the cryptocurrency market.
“By establishing a marketplace even where we can set the standard among other things customer identification and customer due diligence, this could reduce the risk that the players in the marketplace will indirectly be involved in money laundering or terrorist financing”
Stig Alexander Kjos-Mathisen – e24.no
Kjos-Mathisen believes like many others that the technology for both cryptocurrencies but also blockchain has massive potentials. Which the airline will do their utmost to make use of.
“All the transactions that happen around an aircraft from the landing to the easiest, here we believe there is a great potential for saving costs when using block solutions”