Major Norwegian Oil Company to Fund Bitcoin and Blockchain Technology Projects

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Bitcoin
Major Norwegian Oil Company to Fund Bitcoin and Blockchain Technology Projects

Aker’s recent press release states that it has started a company committed to investing in blockchain technology products.

Aker Dives Further into Crypto

According to the press release, the new company dubbed Seetee AS will have all its investment tools in BTC and fund projects and companies within the Bitcoin ecosystem. 

The CEO of Aker ASA, Øyvind Eriksen, said:

“With the launch of Seetee, the Aker Group makes another move into software and fintech. We are very excited about the industrial opportunities that will be unlocked by Bitcoin and blockchain technology, and want to contribute forcefully to that effort.”

Seetee plans to join hands with several companies to enhance their blockchain technology capabilities further.

The blockchain favoring company has partnered with Blockstream, a significant player in premium blockchain services. The partnership will first tackle mining operations while finding more ways to develop the blockchain industry and the BTC ecosystem.

Eyeing the Potential of Blockchain Technology

Seetee took to Twitter to announce its introduction into the financial world while also revealing it has bought 1,170 BTC with a HODL strategy.

According to the press release, Aker also announced it would set aside $58 million for Seetee’s capitalization, which may all be converted to BTC. The Norwegian company is famous for its oil and fishing activities, and adding blockchain to its operations will surely expand its capabilities.

Blockstream head Adam Back expressed his excitement on joining Aker’s Seetee, saying:

“We will be working closely with Seetee on Bitcoin mining and sidechain projects that benefit Aker’s group of companies and we expect that their rich experience in leveraging global power infrastructure will prove to be a valuable asset to the Bitcoin industry.”

Aker ASA joins several companies that have invested in BTC, including Tesla, Microsoft, Galaxy, and Grayscale Bitcoin Trust. Blockchain technology is becoming more popular with investment firms such as JP Morgan Chase joining in the frame. 

Nevertheless, the holding company controller and investor Kjell Røkke admitted that he knows BTC’s price might plummet. However, he believes that the digital asset has the potential to grow beyond the currencies present in the financial world.

Seetee’s Company Structure

Mr. Kjell Røkke wrote a letter to Aker’s shareholders, airing his views on BTC investments and Seetee’s structure. Some of the names who will oversee the investment channels include Snorre Lorgen, Magnus Granath, and Sverke Lorgen, with Ola Snøve as the Executive Chairman. Kjell termed the decision to join the cryptocurrency bandwagon as a long discussion about value.

The company will use Blockstream services to create secure and reliable blockchain applications with multi-connected sidechains.

Wayne Jones

Wayne is an all-rounded cryptocurrency writer who has written for several publications in the fintech industry. Having graduated from the University of Essex Colchester, he developed a passion for blockchain technology and has been curious about how the blockchain can modify the traditional financial industry.