Norwegian investment firm allocates $58M to Bitcoin and crypto ventures

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Aker ASA, a $6 billion Oslo Børs-listed holding firm is ready to start investing in Bitcoin. Based on a press release issued on Monday, Aker has created a brand new firm referred to as Seetee AS whose mission is to put money into Bitcoin (BTC).

The newly fashioned Seetee can even delve into the Bitcoin mining enviornment whereas trying to forge helpful partnerships with main gamers within the crypto area. Certainly, Seetee has reportedly entered right into a collaborative settlement with Blockstream.

Based on Blockstream CEO Samson Mow, the Bitcoin infrastructure agency will work intently with Seetee on its BTC mining and sidechain implementation pursuits.

Regardless of the Norwegian authorities ending electrical energy subsidies to BTC miners again in November 2018, Bitcoin mining exercise within the nation nonetheless contributes to a big proportion of the worldwide hash fee distribution.

Outdoors China, the nation ranks eight when it comes to world month-to-month hash fee based on data from the Cambridge Bitcoin Electrical energy Consumption Index. As beforehand reported by Cointelegraph, Bitfury signed an agreement with a private equity firm to improve the latter’s $35 million BTC mining farm.

The press assertion additionally revealed that the brand new firm will look to pursue investments into different corporations within the crupto and blockchain enviornment.

Aker will present 500 million Norwegian Krone ($58 million) in preliminary capitalization for Seetee with the brand new firm holding all of its liquid investable property in BTC. The transfer marks a big departure from Aker’s common investments in oil exploring and marine biotech sectors. Tweeting on Friday, Seetee revealed that it has already bought 1,170 BTC.

Commenting on the rationale for exploring Bitcoin investments, Aker CEO Øyvind Eriksen remarked:

“With the launch of Seetee, the Aker Group makes one other transfer into software program and fintech. We’re very excited in regards to the industrial alternatives that shall be unlocked by Bitcoin and blockchain expertise, and wish to contribute forcefully to that effort.”

Aker is the most recent in a rising listing of firms all over the world investing in Bitcoin. From business intelligence outfit MicroStrategy to electronic vehicle manufacturer Tesla, and Canadian restaurant have converted cash reserves to BTC in current months.