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The institutional bitcoin frenzy continues to spread like an epidemic. After several United States mega corporations added the digital currency to their balance sheet, the floodgates have been opened to major institutions across the world. Norwegian holding company Aker ASA said today that it will establish a new unit dedicated to bitcoin investment and the digital assetâs underlying technology.
Miss Out? âNo Wayâ!
Asian smartphone giants, Meitu yesterday joined the league of institutional bitcoin adopters, as reported by CryptoPotato. With the future of modern-day finance hanging in the balance, companies investing reserve cash in bitcoin is widely becoming a norm rather than an exception. The latest to embrace bitcoin is Norwegian holdings, Aker ASA. It made the announcement in a press release this morning.
Aker ASA is going a step beyond investing in the leading digital currency. It will set up a company devoted to investing in bitcoin and blockchain technology. The new company called âSetee ASâ will actively participate in the cryptocurrency space by collaborating with other industry players. It will also invest in other companies with healthy prospects in the blockchain and cryptocurrency industry.
The company which majors in offshore fishing, construction, and engineering said it would convert all its liquid assets to bitcoin. The new dedicated bitcoin unit will have a capital of around 500 million Norwegian crowns (approximately $58.6 million).
.. With Great Power Comes Great Responsibility
According to Aker, the operation of the new entity will span beyond bitcoin investment. The unit is expected to leverage the capabilities of its parent organization to pursue innovations in cybersecurity, financial transactions, and emissions-free verification operations. As part of the latter, the company will research and work on alternative ways to verify bitcoin transactions in a more environmentally friendly manner.
To set the ball rolling, Setee is collaborating with a Canadian global leader in Bitcoin and blockchain technologies, Blockstream. President and CEO of Aker ASA, Ăyvind Eriksen, spoke on the launch of Setee and its first partnership.
âWith the launch of Seetee, the Aker Group makes another move into software and fintech. We are very excited about the industrial opportunities that will be unlocked by Bitcoin and blockchain technology, and want to contribute forcefully to that effort. These technologies have the potential to reduce frictions in our day to day lives, enhance the security of our digitally driven economies, and unlock new business models for innovation. We look forward to addressing these and other applications together with Blockstream and other partnersâ
Aker AS is owned by Norwegian billionaire businessman Kjell Inge Rokke. Rokke shared a letter concerning the latest development to the companyâs stakeholders. In the letter, he wrote:
First, we will use bitÂcoin as our treaÂsury asÂset and join the comÂmuÂniÂty. In BitÂcoin speak, we will be hodlers. We will be difÂferÂent, but adÂdiÂtive.
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