How Bitcoin is taking flight with Norwegian Air:
When Norwegian Air Shuttle launched budget flights to America in 2013, it forced the airline industry to look again at a market segment dismissed by many pundits as commercially fanciful: low-cost long-haul flying.s hard to say whether the gamble has paid off. The airline’s balance sheet is weaker than when it only served short-haul markets. Early competitors like WOW Air and Primera Air have collapsed.
A world away from the business of flight, Norwegian has invested in a cryptocurrency exchange, Norwegian Block Exchange , which is due to open its virtual doors next month. NBX will make cryptocurrency the most attractive payment channel for Norwegian’s flights – offering discounted fares and blockchain-encoded perks in a bid to hasten what management see as the inevitable decline of the old-world banking system.
NBX will launch as a standalone marketplace in September, enabling users to exchange fiat currencies for digital ones . Its creation might not have been necessary if a reputable trading platform already existed in Scandinavia, Kjos-Mathisen said, but by building it from scratch the airline has gained “at least a left hand on the steering wheel” of its cryptocurrency future.“We can set the standards ourselves now,” he explained.
“We have discussed with partners if they are willing to look into accepting US Dollar Coin as a way to pay instead of using traditional settlements,” Kjos-Mathisen said, adding that “positive” responses have been received from several “big” suppliers.Side-lining payment processing companies and financial clearing houses in this way has obvious advantages for Norwegian.
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