Leading European budget airline Norwegian Air will unveil Norwegian Block Exchange in August, then add Bitcoin as payment option for plane tickets.
Passengers of Norwegian Air will soon be able to pay their fare using Bitcoin (BTC) as soon as the airline sets up its own cryptocurrency exchange.
According to a Dagens Næringsliv report, the leading budget airline in Europe will be accepting payments in cryptocurrencies. The full list of supported cryptocurrencies, however, is yet to be disclosed, although BTC already has a sure spot.
Norwegian Block Exchange (NBX), which will launch in August 2019, will enable crypto payments. It was also reported that Norwegian Air will make NBX available in neighboring countries.
Stig A. Kjos-Mathisen, Head of NBX, reportedly said:
“First, the marketplace will be launched. Then NBX will make a payment solution for the airline so that airline customers can pay with virtual currency.”
Another function planned for NBX is for it to become the platform for the airline’s existing rewards program. Traders will earn points every time they exchange crypto assets. These points can then be swapped for ticket discounts and other benefits.
Meanwhile, the interest shown by Norwegian Air to Bitcoin and cryptocurrencies may have stemmed from Lars Ola Kjos, the new CEO after Bjørn Kjos decided to step down.
The younger Kjos purportedly have $400,000 worth of investments in cryptocurrency, dating back in 2017. But Decrypt surmised that Norwegian Air’s crypto-friendly move may be related to its declining shares since April 2018. Venturing into the cryptocurrency industry may be seen as a means to address the group’s financial situation.
Regardless, as Norwegian Air begins to embrace cryptocurrency, it becomes the latest airline after Latvia’s AirBaltic to give people the power to fly using cryptocurrency.