The institutional bitcoin frenzy is catching on worldwide as companies continue to warm up to cryptocurrencies. After several United States mega corporations added the digital currency to their balance sheet, the floodgates have been opened to major institutions worldwide. Norwegian holding company Aker ASA said today that it would establish a new unit dedicated to bitcoin investment and the cryptocurrency’s underlying technology.
Norwegian oil mogul is the latest to embrace bitcoin.
Norwegian holdings Aker ASA made the announcement in a press release this morning. Earlier, the Asian smartphone giants, Meitu joined the league of institutional bitcoin adopters. The Chinese firm purchased $40 million worth of bitcoin and Ether. 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. Aker ASA is going a step beyond investing in the leading digital currency as the firm announced it is setting up a unit devoted to investing in bitcoin and blockchain technology.
Bitcoin continues to attract major institutions.
The new company called “Setee AS” will also actively participate in the cryptocurrency space by collaborating with other industry players. The firm plans to invest in other companies with healthy prospects in the blockchain and cryptocurrency industry. The recent bitcoin rally has created a frenzy around the crypto industry as major companies continue to invest in bitcoin and other cryptocurrencies. As reported earlier, the world’s leading electric car maker Tesla purchased $1.5 billion worth of bitcoin sometime in January. Reportedly, Tesla has already made off with $1 billion in profits from its bitcoin investment by now.
According to the Norwegian firm, the operation of the new entity will span beyond bitcoin investment. The unit is expected to leverage its parent organization’s capabilities to pursue innovations in cybersecurity, financial transactions, and emissions-free verification operations.