Norwegian Block Exchange

What Norwegian Block Exchange does

Norwegian Block Exchange (NBX) is a regulated cryptocurrency exchange and multi-module digital asset platform headquartered in Bærum municipality in the Oslo metropolitan area. Founded on 3 January 2018 and publicly listed on Euronext Growth Oslo since 14 December 2021 (ticker NBX), it is Norway's first publicly listed crypto exchange. NBX operates a self-serve spot trading platform for more than 20 crypto assets (including BTC, ETH, SOL, USDC, XRP, ADA, AVAX, XLM, LINK, fGLD, LTC, DOGE, POL, ALGO, ATOM, USDM) against NOK, SEK, DKK and EUR pairs, with Norwegian BankID onboarding. The platform has reported 90,000+ customers and cumulative trade volume exceeding 3 billion NOK since its first trade in 2020.

The product portfolio extends well beyond a core exchange. NBX offers OTC trading and insured custody (using Fireblocks and multi-signature cold/hot architecture) for institutional clients, Cardano staking with an approximately 2.3% annual reward rate (NBX retains 10% of yield), tokenized precious metals (physically-backed fGLD gold and fSLVR silver issued by FI finest Investments GmbH and stored at Pro Aurum in Germany), the USDM stablecoin (issued as EEA distributor with Moneta Digital LLC, mintable/burnable via OTC since Q1 2025), an NBX Visa credit card with 1% Bitcoin cashback distributed via LOAX and Goobit, an Advanced DCA tool for automated recurring purchases, and an NBX API with public market data. In Q2 2025 NBX established a Bitcoin Treasury Strategy (becoming Norway's first publicly listed Bitcoin Treasury Company) and entered a custodial-services agreement for entities in the Cardano ecosystem. Adjacent subsidiaries include SunSpearX (solar/battery retail access) and The Mint AS (tokenized rubies and sapphires, acquired Q1 2024).

NBX generates revenue through a diversified stack: trading fees (0.70% maker/taker standard, 0.20% for qualified market makers), staking yield-share, custody fees, OTC trading, Visa card cashback economics, USDM minting/burn spreads, listing fees, and fee-for-service revenue from the Crypto Compliance Center (AML) and Cyber Security Center (penetration testing, bug bounty operations). Customer segments include Norwegian retail first-time buyers, DCA-oriented long-term savers, active traders, corporate/institutional clients, and (as a secondary line) external organizations purchasing compliance or cybersecurity services. The company is regulated by Finanstilsynet (as a virtual currency service provider, Exchange/Custodian since 2019, and e-money institution since Q1 2024) and was selected by Norges Bank for CBDC development work in 2022. NBX is pursuing a 'Digital Asset Bank' transition under a CFO hired in Q3 2024 and has signed an LOI for a 50/50 JV in Pakistan with Aprikos Venture AS.

Name

Norwegian Block Exchange

Legal name

Norwegian Block Exchange AS

Website

https://nbx.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Norwegian Block Exchange is a regulated, publicly listed cryptocurrency exchange and digital asset platform serving Nordic retail and institutional clients with spot trading, custody, staking, tokenized precious metals, a USDM stablecoin, and a Bitcoin-rewards Visa card.

Ownership category

akta.pro rank

Product category

Cryptocurrency Exchange

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities and Commodity Exchanges (52321), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Credit Card Issuing (522210), Credit Card Issuing (52221)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury) (FSAGAMAD)

akta.pro secondary industries

Stablecoin Issuers (Fiat-Backed) (FSADADAA), Crypto Card Issuing & Card Programs (Debit/Credit/Prepaid) (FSADAIAC), OTC Spot Trading & Block Execution (FSADAJAB), Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ)

Keywords

• Cryptocurrency exchange
• Digital asset custody
• Tokenized commodities
• Crypto trading platform
• Blockchain financial services

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Trading fees: Standard trading fees of 0.70% maker / 0.70% taker across all trading pairs. Market maker program reduces fees to 0.20% maker / 0.20% taker for qualified participants meeting liquidity criteria.
2. Custody services: Digital asset custody solutions for customers and institutional entities. In Q2 2025 NBX entered agreement to provide custodial services to entities within the Cardano ecosystem. Insurance coverage for custody.
3. Staking services: Staking as a service on Cardano blockchain. NBX takes 10% of staking reward yield as service fee. Estimated annual reward rate of approximately 2.3% for customers.
4. OTC Trading: Over-the-counter trading desk for large orders with dedicated account management and compliance-ready reporting for regulated entities.
5. NBX Visa Credit Card: Visa credit card with Bitcoin cashback rewards (increased from 0.5% to 1% default cashback in Q2 2024). Distribution partnerships with LOAX and Goobit Group for card issuance.
6. USDM minting and burning: OTC minting and burning of USDM stablecoin available on NBX.com since Q1 2025. NBX is EEA issuer and distributor of USDM together with Moneta Digital LLC.
7. Compliance services: Crypto Compliance Center offering AML services, transaction monitoring, risk assessment, and training for financial institutions, crypto companies, governmental agencies, and individuals.
8. Cybersecurity services: Penetration testing, bug bounty program implementation and operation, phishing simulation, security awareness training, MDM/EDR implementation for external clients.
9. Listing fees: Cost-based, non-discriminatory listing and admission to trading fees based on expected development, testing, legal, technical and operational assurance effort following due diligence.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels7 records

Core offering

Norwegian Block Exchange (NBX) operates a regulated cryptocurrency exchange platform enabling trading of Bitcoin, Ethereum, and 20+ crypto assets against NOK, EUR, SEK and DKK. The company also provides digital asset custody, OTC trading for institutional clients, Cardano staking, tokenized precious metals (fGLD gold and fSLVR silver), the USDM stablecoin, an NBX Visa credit card with Bitcoin cashback, and ancillary compliance and cybersecurity services.

Product overview

Norwegian Block Exchange (NBX) operates as a multi-module cryptocurrency financial services platform built around a core exchange, supplemented by custody, trading, staking, tokenization, payments, compliance, and cybersecurity service modules. The core product is the NBX Cryptocurrency Exchange Platform (Norway's first publicly listed crypto exchange, regulated by Finanstilsynet), which enables spot trading of 20+ crypto assets including Bitcoin, Ethereum, XRP, Cardano, Solana, and others, with NOK/EUR/SEK/DKK pairs. The platform's value is extended through: OTC Trading & Custody (for institutional orders with insured custody); NBX Staking (Cardano-based staking yielding ~2.3% annually); Tokenized Precious Metals (fGLD gold and fSLVR silver tokens, both on Cardano, with physical backing and EU redemption); USDM (a fiat-backed stablecoin on Cardano, issued by Moneta with NBX as EEA distributor); Advanced DCA (automated recurring purchases); the NBX Visa Credit Card (with Bitcoin cashback, Apple Pay, and Swish); The Mint (tokenized gems marketplace); and SunSpearX (solar energy investment access). Supporting modules include the NBX Crypto Compliance Center (AML services), NBX Cyber Security Center (penetration testing, bug bounty programs), an NBX API (public market data), and the NBX Market Maker Program. The company also acquired The Mint AS in Q1 2024 and holds an e-money institution license.

Differentiator

Problem solved

Functional benefit

Products and services

• NBX Cryptocurrency Exchange Platform Norway's first publicly listed cryptocurrency exchange, regulated by Finanstilsynet, enabling trading of Bitcoin, Ethereum, and 20+ crypto assets with NOK, EUR, SEK, DKK pairs. Includes full order book, spot trading and a mobile app for retail and active traders.
• NBX OTC Trading Desk Over-the-counter trading desk for large orders with dedicated account management and compliance-ready reporting, designed for corporate, institutional and regulated entity clients.
• NBX Digital Asset Custody Digital asset custody solution using cold and hot wallets with multi-signature requirements, address whitelisting and insured custody. Supports Bitcoin, Ethereum, Cardano, Ripple, Litecoin, Dogecoin, Stellar, Cosmos, Solana, Avalanche, Algorand and Polkadot. Offered to retail and institutional clients.
• NBX Staking (Cardano) Staking service on the Cardano blockchain allowing customers to earn approximately 2.3% annual yield on ADA, with rewards distributed every 5 days, no slashing risk and funds not locked during staking. NBX retains 10% of staking reward yield as a service fee.
• Tokenized Gold (fGLD)
• Tokenized Silver (fSLVR) Physically backed fractional silver tokens on the Cardano blockchain issued by FI finest Investments GmbH. Each token represents 100g of 999.9/1000 fine silver from LBMA-certified manufacturers, stored at Pro Aurum GmbH, with physical redemption in the EU.
• USDM Stablecoin A 1:1 fully fiat-backed stablecoin on the Cardano blockchain, issued by Moneta with NBX as the EEA issuer and distributor. Fully collateralized in safeguarded accounts with regulated financial institutions. Available via OTC minting/burning and trading pairs including USDM/EUR and USDC/USDM.
• Advanced DCA (Dollar Cost Averaging) Automated recurring purchase feature allowing users to buy Bitcoin, Ethereum or gold on a weekly or monthly schedule, removing emotional decision-making from investing for retail customers.
• NBX Visa Credit Card A Visa credit card offering Bitcoin cashback rewards, issued in partnership with LOAX and Goobit Group. Includes Apple Pay support, Swish integration for Swedish customers and a benefits program for NBX shareholders.
• NBX Cyber Security Center Cybersecurity services including penetration testing, bug bounty program implementation and operation, phishing simulation, security awareness training, and MDM/EDR/configuration hardening. Offered to organizations seeking to improve their security posture.
• NBX Crypto Compliance Center AML services including transaction monitoring, risk assessment, compliance training, financial crime prevention, blockchain analytics, and module-based training. Offered to financial institutions, crypto companies, governmental agencies, and individuals.
• NBX API Public-facing API providing pre-trade transparency (order book depth) and post-trade transparency (price, volume, timestamp) in machine-readable formats during trading hours. Available to all participants on a non-discriminatory basis via the developer portal.
• NBX Market Maker Program Voluntary program for participants meeting liquidity qualification criteria, offering reduced maker/taker fees of 0.20%/0.20% (vs standard 0.70%/0.70%) with minimum volume requirements of NOK 10 million monthly.

Quantifiable outcome

• Norway's first publicly listed Bitcoin Treasury Company with BTC on balance sheet
• +1 more outcomes

Named customers1 record

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature8 records

Partnerships

16 partnerships are on record, tiered flagship, core and minor.

• Aprikos Venture ASflagshipStrategic or Co-development Partner · 11 March 2026NBX and Aprikos Venture AS signed a Letter of Intent to jointly explore establishing a regulated digital asset exchange in Pakistan following formation of Pakistan Virtual Assets Regulatory Authority (PVARA). Parties intend to form a 50/50 joint venture where NBX contributes its exchange technology stack and Aprikos handles local corporate structure, regulatory dialogue, and in-country operations. Subject to definitive agreements and regulatory approvals.
• Globitex Holding AScoreStrategic or Co-development Partner · 1 June 2025NBX entered a strategic partnership with Globitex Holding AS in Q2 2025.
• LOAXminorChannel Partner/ Reseller/ Distributor · 1 July 2024NBX made agreement with LOAX for distributing NBX Visa credit card in Q3 2024.
• Moneta Digital LLCflagshipStrategic or Co-development Partner · 1 June 2024NBX partnered with Moneta to be the European issuer of the USDM stablecoin — the first 1:1 fully fiat-backed stablecoin on the Cardano blockchain. NBX is the Official Operating Partner of Moneta Digital LLC in the EU and EEA, responsible for distribution and market access of USDM.
• StjørdalsblinkminorOthers · 1 April 2024NBX entered into agreement with Stjørdalsblink to be one of their sponsors in Q2 2024. Minor sponsorship partnership.
• HuddlestockminorStrategic or Co-development Partner · 1 October 2023NBX and Huddlestock announced partnership in Q4 2023.
• AKJminorStrategic or Co-development Partner · 1 July 2023NBX and AKJ made a strategic partnership in Q3 2023.
• IagonminorStrategic or Co-development Partner · 1 April 2023NBX entered into staking as a service agreement with Iagon in Q2 2023. NBX kicked off its Staking as a Service operation by delivering tailor-made staking services to Iagon in Q1 2023. Iagon is a decentralized storage and computing project on Cardano with roots in Norway.
• Spenn TechnologyminorStrategic or Co-development Partner · 1 January 2023NBX partnered with Spenn Technology and JengaX in Q1 2023 for remittance solutions. There was a non-binding indicative offer from Spenn in Q2 2023, though a bid is not likely but dialogue continues over remittance solutions.
• Goobit GroupminorChannel Partner/ Reseller/ Distributor · 1 January 2023NBX partnered with Swedish Goobit Group on distribution of NBX Visa credit cards with Bitcoin kickback in the Swedish market starting Q1 2023.
• BlockbridgeminorChannel Partner/ Reseller/ Distributor · 1 January 2023NBX partnered with Blockbridge to launch a Bitcoin ATM in Oslo in Q1 2023.
• ACE Asset ManagementminorStrategic or Co-development Partner · 1 January 2023NBX and ACE Asset Management announced partnership to develop market making for futures and derivatives of Bitcoin and Ethereum in Q1 2023.
• eGroupminorStrategic or Co-development Partner · 1 April 2022NBX and eGroup signed a letter of intent regarding the launch of the first crypto index fund in the Nordic region in Q2 2022.
• FireblockscoreTechnology or IntegrationFireblocks provides custody infrastructure technology for NBX's digital asset operations. NBX entered into agreement with Fireblocks in Q3 2022 to further accelerate crypto services. Fireblocks is listed as a partner on the NBX homepage.
• ChainalysiscoreTechnology or IntegrationChainalysis provides blockchain analytics and compliance technology. Listed as a partner on NBX homepage, supporting AML/CTF framework and transaction monitoring.
• DanogominorChannel Partner/ Reseller/ DistributorDanogo is a Cardano DeFi platform offering USDM lending pools. NBX refers users to Danogo for supplying USDM to earn variable yields. NBX is not affiliated with Danogo except as EEA issuer/distributor of USDM.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Paxos: US-regulated blockchain infrastructure platform issuing stablecoins (USDP, PayPal USD) and providing custody and settlement services to enterprises. Comparable on the regulated stablecoin issuance and institutional custody dimensions where NBX is building with USDM and Cardano custody.
• Circle: US-regulated issuer of USDC stablecoin with European operations under MiCA. Comparable on the stablecoin issuance and distribution infrastructure dimension where NBX is the EEA issuer of USDM; Circle is the dominant fiat-backed stablecoin issuer NBX competes against for tokenized money on Cardano rails.
• Coinbase: US-listed leading global cryptocurrency exchange and custodian offering spot trading, staking, custody and a Visa debit card. Comparable product mix but vastly larger scale, broader geographic footprint and institutional franchise — defines the global benchmark NBX competes against.
• Kraken: US-headquartered global crypto exchange with regulated European operations, staking, OTC and custody. Comparable exchange product set including staking-as-a-service and insured custody, but operates at global scale and competes for the same institutional and active trader segments.

Emerging players

• Relai: Swiss-based Bitcoin-only mobile app and exchange targeting European retail with simple onboarding. Comparable as a small European regulated crypto platform focused on first-time buyers and DCA-style savings, mirroring NBX's first-time buyer and DCA Saver segments.
• Monoova: Australia-based fintech providing payment processing, virtual accounts and digital asset settlement infrastructure for businesses. Comparable as a niche regulated payments-and-custody infrastructure provider pursuing B2B clients, similar to NBX's Crypto Compliance Center and corporate OTC desk.

Direct peers

• Safello: Swedish-headquartered cryptocurrency exchange listed on Nasdaq First North. Comparable to NBX as a regulated Nordic retail crypto brokerage offering local fiat rails (SEK, EUR) and broad asset coverage, with overlapping customer base and similar regulatory positioning under EU MiCA.
• Bitstamp: Luxembourg-based European regulated crypto exchange (acquired by Robinhood) offering spot trading in EUR, USD and other fiat pairs plus institutional services. Comparable as a regulated European CEX with strong institutional and retail book across multiple fiat currencies.
• Bitvavo: Amsterdam-based European crypto exchange serving retail and institutional clients with EUR fiat pairs, staking and competitive fee tiers. Comparable as a regulated European CEX targeting retail self-directed investors with local fiat rails and a broad asset catalogue.
• Bitcoin Suisse: Swiss regulated crypto broker and custodian offering spot trading, staking and tokenized assets. Comparable as a regulated European crypto exchange with institutional OTC desk, staking services and tokenization infrastructure serving a similar HNW and institutional segment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/nbxcom
• YouTubeyoutube.com/@nbxcom/videos
• Facebookfacebook.com/nbxdotcom
• Instagraminstagram.com/nbxdotcom
• TikToktiktok.com/@nbxcom
• LinkedInlinkedin.com/company/norwegian-block-exchange

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Norwegian Block Exchange