Aker ASA will be floating a new subsidiary company known as Seetee AS. That is a pronouncement from the Norwegian oil & gas giants in a communique made available today. This new company’s main objective is crypto (including Bitcoin) investing and all investments related to the blockchain industry. Part of the pronouncement says Aker will give its new subsidiary a seed capital of $58M (equivalent to about 500M Kroner). Aker plans to move all its investment funds into cryptocurrency.
Meitu and Aker Set to Invest Hugely In Bitcoin
The past forty-hours have seen Aker follow the footsteps of Meitu in investing massive amounts into Bitcoin. Meitu, one of china’s leading software app development company invested a little over $40.1m in Bitcoin yesterday. Hence, the software giant becomes the first publicly-traded company to declare its Bitcoin investment publicly – an honor that can’t be claimed by any other company.
It seems as if a lot of institutional investors are now in a competition to invest in Bitcoin. Apart from Bitcoin investments, Aker (through Seetee) will also form vital industry partnerships by working in partnership with the larger Bitcoin and blockchain group. They also plan to bankroll other novel Bitcoin solutions in the crypto space. Aker ASA’s president and CEO, Oyvind Eriksen, declared that: “the Aker group is making a new inroad into the software and FinTech market by launching Seetee. We aim to invest in several opportunities that will open up through Bitcoin and blockchain technology. Through these technologies, it is now very possible to create new and innovative business models, better protect our digitally-driven economies, and reduce the cogs in our daily lives. We’ll be partnering with Blockstream and other partners within the same space to make these plans a reality and create other market-driven applications.”
Revolutionizing The Fintech Industry Through Blockstream Partnership
To gain a foothold in the industry quickly, Seetee is already in partnership with Blockstream (an acknowledged global leader in Bitcoin and blockchain technology). Blockstream uses its Bitcoin-based legacy solutions to assist industry players. It also provides interoperable sidechains for companies to access secure and robust solutions that they can use to enhance new applications.
Implications of Rokke’s Stance On Bitcoin
In an interview with Bloomberg, Kjell Inge Rokke (one of Norway’s top billionaires) said: “while Bitcoin can revert to zero, it’s also possible for it to become the foundation of new monetary infrastructure. Hence, it may be worth hundreds of million dollars soon. Cryptocurrency experts believe Bitcoin’s future success is very certain.” “it is clear that there will be a disruption in finance, fossil fuels, and other industries. It is a matter of when not if.” he further added.
Even though a significant portion of Aker’s income comes from the oil and gas industry, Rokke’s stance on Bitcoin means the company will spare no expense in collaborating with other crypto-based companies in finding a permanent solution to high-level electricity consumption by Bitcoin/crypto miners. Rokke’s stance on Bitcoin is a bold sign for other institutional investors in Norway to follow suit.