A Norwegian energy giant has announced that it is establishing a new company so it can invest in Bitcoin — and offer financial support to blockchain startups.
Aker says the new venture, Seetee, initially has capital of $58 million. Seetee’s main priorities will involve owning crypto, establishing partnerships with leading players in the industry, and investing in “innovation projects” throughout the ecosystem.
Interestingly, Seetee is planning to explore involvement in cybersecurity, financial transactions and “emissions-free verification options” — suggesting that it wants to play a role in tackling the high levels of energy consumption associated with Bitcoin.
A partnership has already been unveiled with Blockstream. The collaboration is initially going to focus on mining operations — bringing together Blockstream’s “unique strengths in blockchain technology” with Aker’s “industrial legacy and capability set.” Aker’s president and CEO Øyvind Eriksen added:
“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. These technologies have the potential to reduce frictions in our day to day lives, enhance the security of our digitally driven economies, and unlock new business models for innovation.”
‘A New Financial Horizon’
Seetee says that Bitcoin is its treasury asset — and an initial purchase of 1,170 BTC has already been made. “Our strategy is to HODL,” the website adds.
In a letter to shareholders, Aker chairman Kjell Inge Røkke explained:
“Bitcoin may still go to zero. But it can also become the core of a new monetary architecture. If so, one Bitcoin may be worth millions of dollars. The asymmetry is interesting to a portfolio. People who know the most about Bitcoin believe its future success is nearly inevitable. Whereas the other camp thinks that its failure is equally certain. Status quo is not possible.”
Subscribe To Our Newsletter!
Check out all the day’s top stories in the CoinMarketCap newsletter. Sign up for free here!