June 29, 2022

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Norwegian Block Exchange will cut costs by 40 percent: - Make your cryptocurrency on the exchange more secure, says Nordea's Robert Ness.

Norwegian Block Exchange will cut costs by 40 percent: – Make your cryptocurrency on the exchange more secure, says Nordea’s Robert Ness.

Cryptocurrency exchange Norwegian Block Exchange announced in a stock exchange announcement on Wednesday that the company plans to cut costs by 40 percent. The company says that the background is the main change in the cryptocurrency market.

The leading cryptocurrency bitcoin has collapsed by nearly 70 percent. For other cryptocurrencies, the decline is even worse.

According to the Norwegian Block Exchange, the cost reductions will be implemented through iterations and iterations, among others.

“This reduction now also affects employees to a greater extent. The reduction will occur through laying off its employees in Norway, layoffs in Latvia, as well as reducing the use of developers under contracts,” the company wrote in the report.

In addition, management should make “significant” cuts in their salaries. The company’s first director is Stig Kjos-Mathisen, son-in-law of Norwegian founder and investor Bjørn Kjos. Kjos is also the company’s largest owner.

Encryption validity

In 2021, Kjos-Mathisen had an annual salary of just over a million kroner.

We have no doubt that cryptocurrency will play an important role in the financial industry in the future and in everyday life. At the same time, it is necessary to adapt our actions to the dramatic changes that we will now witness. That means lower costs, and for a knowledgeable company like ours, it unfortunately means that our employees have been affected as well, says Kjos-Mathisen in the report.

When the trading day ended, the stock fell after the announcement, the stock fell above 13 percent, and the company was priced at a market value of NOK 204 million.

Nice: – Safer

NBX hardness has been a contentious issue between Kjus Mathisen, Nordea Fund Investment Manager Robert Ness.

Ness added that in light of the international cryptocurrency and the large deficit of NBX finansavisin That customers’ crypto assets may be unsafe if something unexpected happens.

Nordea-top believes the news cut on Wednesday is positive for customers. They had cryptocurrency for just over 50 million NOK with NBX at the end of the year, according to the company’s annual report.

This makes having cryptocurrency on the exchange more secure. My concern was the “burn rate” last year. It is better not to lose a company that had 80 million equity at the beginning of the year, but 64 million in capital from development costs. When they cut costs drastically, and may need to raise more money, that’s a step in the right direction for customer safety.

Photo of Robert Ness, Nordea Funds Director of Investments on a previous occasion.

Photo of Robert Ness, Nordea Funds Director of Investments on a previous occasion. (Photo: Per Ståle Bugjerde)

Anyone who buys cryptocurrency can store it in their own accounts on the blockchain, where the person with the password has complete control. On the other hand, if you buy via an exchange without transferring money, you will have no control in the event of bankruptcy or a similar situation, Næss points out.

NBX customers are not believed to have reflected on the difference.

“I think it’s like they own the currency, and then have to shop for a low fee,” he says.

NBX President Stig Kjos-Mathisen did not want to comment on Næss’ proposal. He said the following on a previous occasion:

– I’m not angry, I really gave up. Implicitly, Robert Ness says we are criminals.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.