News

Norwegian Air To Start Accepting Cryptocurrency Payments for Flight Tickets

Norwegian Air, one of the largest airlines in Europe, will allow its customers to pay for flight tickets using cryptocurrency. Also, users of this airline will take advantage of the cryptocurrency exchange, Norwegian Block Exchange (NBX) to make payments, according to Coindesk report on February 20, 2020.

Users of Norwegian Air to Pay for Flight Tickets Using Crypto

Per the report, Norwegian Air will soon allow its customers to pay for their flight tickets using cryptocurrency. Reportedly, Stig Kjos-Mathisen, CEO of Norwegian Block Exchange (NBX) revealed that the cryptocurrency exchange had successfully set up a payment infrastructure. And this infrastructure will enable customers of the airline to buy flight tickets using cryptocurrencies.

Kjos-Mathisen also outlined that everything is ready on the exchange’s side. The exchange’s CEO had stated in August 2019:

“At some point, when the technology matures, you’ll be using [blockchain] and you won’t really notice that you’re using it…But right now, in the beginning, you will definitely be aware … So you need to incentivize people in the beginning. And then they will start using it because they see it’s convenient.”

Further reports reveal that flight payments on Norwegian Air using cryptocurrencies will kick off later this year and possibly, by spring. Also, NBX from its inception was to serve as a platform that will allow plane tickets to be purchased with cryptocurrencies

NBX’s Launch in September 2019

NBX, on the other hand, was launched in September 2019 and at the time, it could only be used by beta users. However, the exchange is now open to the general public. The platform supports fiat currencies like Norwegian krone (NOK), Swedish krona (SEK), Danish krone (DKK), Euros (EUR) and the US Dollar (USD). Each of these is then exchangeable for Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC).

In line with that, Bjørn Kjos, CEO of Norwegian Air is one of the investors in the digital currency platform. Similarly, Sparebanken Øst, one of the oldest banks in Norway purchased a 16.3% share in NBX for $1.6 million.

Son of Norwegian Air’s CEO Invests in Bitcoin

What’s more, Lars Ola Kjos, the son of Norwegian Air’s CEO has an interest in cryptocurrency. Kjos, reportedly, purchased NOK 3.5 million ($404,000) worth of Bitcoin in December 2017, about the same time the virtual asset surged to its all-time high. Norwegian Air, on the other hand, believes that the use of cryptocurrencies will help to cut costs. And at the same time, take away the need for middlemen when it comes to payments.

Related posts
AltcoinsAnalysisHideCryptopanicNewsNews 1SocialTrading View

Aave, Maker, DigiByte Price Analysis: 13 March

Aave regained the 38.2% Fibonacci retracement level and could see some additional buying at the current mark. Gains on MKR were likely to be capped at the 200-SMA, while DGB could remain sandwiched beThe post Aave, Maker, DigiByte Story continues…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTMarketsNewsxbtusd

Bitcoin Records New ATH Of $60k After ‘Black Thursday’ Anniversary

Bitcoin breached the $60K price level to record a new all-time high price of $60,310 on March 13, exactly one year and the day after the devastating Black Thursday crypto market crash of March 12, 2020. Last year on March…
AltcoinsAnalysisHideCryptopanicNewsNews 1SocialTrading View

Stellar Lumens, FTX Token, Decred Price Analysis: 13 March

The broader altcoin market switched its trajectory to green after the market leader Bitcoin climbed above its previous ATH and went past the $60,000 level at the time of writing. Source: CoinStatsThe post Stellar Lumens, FTX Token, Decred Story continues…