Norges Bank named twelve partners for its tokenisation work on Monday, DNB among them — the same bank that is still outside Qivalis. The Nordic Blockchain Association gathers banks, payments and authorities behind closed doors in Oslo today.
Elsewhere: Greenbridge joins Centiglobe Connect as liquidity provider, Valuno lost two rulings in four days, Stack by me is raising for the fifth time since 2021, and Virtune's chief executive thinks the bottom is behind us.
In the notes: BTC AB redeems shares at a discount, Goobit sells bitcoin to fund operations, and Coinmotion gets a new chair.
The blockathon in Stockholm is on its second and last build day. And Onchain Build is out with its first edition — monthly, on the people building.
Morten
Founder & Editor, Kaupr
Digital money in the Nordics
Three things happened in two days, all on the same question: how the Nordics prepare for digital money. Norges Bank named twelve partners for its tokenisation work. DNB is among them, and still outside Qivalis. And the industry meets behind closed doors in Oslo today.
Norges Bank names twelve partners for its tokenisation work
Norges Bank said on LinkedIn on Monday that it is working with the financial industry on exploring tokenisation. The partners named are DNB Carnegie, DNB, Kommunalbanken, Citi, LOKALBANK, SpareBank 1, Bits, KLP, Eika, Euronext, Nordea and SEB.
Illustration: Norges Bank
The central bank has found no basis for introducing central bank digital currency now, but says the work on CBDC and tokenisation continues in order to understand how the payment and financial system can develop using the technology. Concrete tests are to give practical experience of how it works, and the bank will also gather information on similar work in other countries.
Nothing has been published beyond the post itself.
DNB is on the list, and still outside Qivalis
Both DNB and DNB Carnegie are among the twelve. DNB remains the only major Nordic bank outside Qivalis, the consortium for a regulated euro stablecoin, which counted 37 banks from 15 European countries in May.
The bank is pursuing tokenised deposits and building a wallet designed to connect to stablecoins from any issuer. Ole Morten Sunde, Head of Emerging Business - Products, told Kaupr in May that ownership in issuing a stablecoin is not right for DNB at this time.
The industry meets behind closed doors in Oslo today
The Nordic Blockchain Association is hosting a dinner and strategic roundtable in Oslo on 8 September, bringing together leaders from banking, payments, authorities and CASPs to discuss stablecoins, digital asset investments, regulation and recent developments in the Nordic market. The same format follows in Helsinki on 10 September, with Finnish banks, payment providers and CASPs.
The events are invitation only. DFNS is partner for both.
Cross-border payments
Greenbridge joins Centiglobe Connect as liquidity provider
Two Swedish companies take separate roles in the same payment network. Centiglobe Connect settles cross-border payments between banks and payment firms in tokenised deposits — bank deposits represented on a blockchain, with no tie to any one bank. Greenbridge Markets now stands on both sides of the exchange, so members can obtain tokenised deposits when they need cover for outgoing payments, and convert back to ordinary money when they pay out locally.
The practical point is pre-funding: with a counterparty that exchanges on demand, members decide themselves how much liquidity to hold rather than leaving capital idle. The arrangement also serves institutions that cannot hold tokenised deposits on their own balance sheets.
Petter Sandgren is chief executive of Centiglobe, Svante Hedin of Greenbridge Markets.
Valuno: Two rulings in four days
Tax claim on Friday, MiCA refusal upheld on Monday
Skatteverket's final decision came on Friday: SEK 48,061,040 for the years 2019 to 2022, made up of SEK 23.4 million in income tax, SEK 20.7 million in tax surcharge and SEK 3.9 million in interest. Due 12 October. The dispute is over transfer pricing — the agency finds that the value-creating functions and the control of risk sat with Valuno Group in Sweden, not with QuickBit Ltd in Gibraltar.
Peter Liljeroos, CEO Valuno
The MiCA appeal was rejected on Monday
Förvaltningsrätten i Stockholm rejected group company QB Europe's appeal against Finansinspektionen's refusal of its application for authorisation as a crypto-asset service provider. The court agrees with the regulator that the company's general risk assessment under the anti-money laundering act is not sufficiently adapted to the business. Requests to remit the case and to seek a preliminary ruling from the Court of Justice of the EU were also turned down. The judgment can be appealed to Kammarrätten within three weeks.
Operations continue
Valuno says it will appeal both decisions. The business may continue while the appeals run, through collaborations with licensed partners. By the company's own account it is not dependent on holding its own authorisation.
Chief executive Peter Liljeroos posted a video response on YouTube.
Stack by me
Fifth raise since 2021
The Norwegian investment app is seeking up to MNOK 20 on Republic Europe. The 2025 accounts show a loss of MNOK 10.7 and revenue halved from the year before.
Madeleine Bjørnestad Røed, founder and CEO Stack by Me
The valuation has barely moved
MNOK 60 post-money in December 2022, MNOK 72.1 pre-money in March 2025.
The user target has not been met
The company said in 2022 it was aiming for 40,000 users by 2024. It now reports more than 30,000 registered and more than 5,000 investing customers — the same level as in February.
Sweden, for the third time
Expansion into Sweden has been the stated reason for raising capital three times since 2025. Republic notes that factual claims on the platform are not verified by it.
Market outlook
Virtune's chief executive sees the bottom behind us
Christopher Kock dates the decline to 10 October last year and the turn to about two weeks ago. August ended with bitcoin up 25 per cent, which he calls a good month for crypto.
Christopher Kock, CEO Virtune AB
What triggered it
The trigger was macroeconomic. The US Treasury announced it would double its buybacks of long-term government bonds, creating an expectation of lower long rates, which in turn lifts demand for risk assets such as crypto.
Price lagging the fundamentals
US exchanges are about to launch tokenised trading, Morgan Stanley is launching its own crypto ETFs, and Citadel Securities has made a large equity investment in a crypto company. None of it has fed through to the price, Kock says. Last week also saw $3.2 billion in net inflows to US crypto ETFs, in his estimate the best week in almost a year.
Three dates in September
Inflation data on 11 September and the Fed decision on 16 September, where he assesses the market to be pricing in 25 basis points. And 15 September, when the Senate votes on the Clarity Act. If it passes he expects it to move the market as a whole; if not, both the SEC and the CFTC have said they will keep producing guidance supporting growth in the US crypto market.
He expects a great deal of volatility either way, but sees a high probability that the market has bottomed out in this cycle.
Industry notes
BTC AB to redeem shares at a discount — Sweden's B Treasury Capital offers B shareholders voluntary redemption at 25 to 30 per cent below net asset value, for up to SEK 5 million from cash. No bitcoin will be sold, leaving remaining holders with more bitcoin per share. Read →
Goobit sells 3 BTC from its treasury — Sold on 2 September for SEK 2,216,674, leaving 8.34 BTC. Proceeds fund ongoing operations.
Ander did not become chair of Goobit — At the extraordinary general meeting on 31 August, Joakim Dahl joined the board and Carl-Viggo Östlund left. Michael Völter continues as chair. Christian Ander had been proposed for the role in August.
Hannes Helenius appointed chair of Coinmotion — A minority shareholder for over ten years, with a background from Danske Bank and Mandatum. Henry Brade steps down as chair and remains a shareholder.
Christoffer Fentz joins Avanza — As Social Media & Community Builder, to build the Danish community ahead of Avanza's launch in Denmark in the second half of 2027. First market outside Sweden.
Boden sells hangar to indebted crypto group — SEK 105 million for the building where Bikupa datacenter has operated since 2018. Bikupa has been granted reconstruction, the lease is terminated, and Skatteverket is claiming SEK 477 million. The buyer is another subsidiary of Hive Digital Technologies. Read more → In Swedish
Events - recently and going forward
Coming up
FIRSTBLOCK-ATHON Hack Days — Netlight, Regeringsgatan 25, Stockholm, 7–8 September, 09:00–18:00 both days. Blockchain and AI hackathon under Nordic Tech Week. Free, limited places, registration subject to approval. https://luma.com/FirstBlock-athon
Roundtable on Tokenisation — Eversheds Sutherland, Stockholm, 9 September, 10:00–12:00. Blockchain Sweden brings together banks, financial institutions, fintechs, investors, authorities and the technology sector on how tokenisation moves from pilot to real use: infrastructure, regulation, custody, identity, payments and interoperability. Chatham House Rule, limited places, participation subject to approval. https://luma.com/ekfczwdh
AI x Blockchain Summit — KTH Arenan, Stockholm, 11 September. Organised by AI Institutet, part of FIRSTBLOCK-ATHON. https://luma.com/ai-blockchain-summit
Mining & proof of work — Skram, Litteraturhuset, Oslo, 14 September, 12:00–16:00. Bitcoin Policy Institute Norway, with Rachel Geyer (European Bitcoin Energy Association), Alexander Neumüller (Cambridge Centre for Alternative Finance), Sander Stolpe, Sturle Sunde and Ola Borten Moe (Norsk Kjernekraft), plus a political conversation with Nils Forren (Senterungdommen) and Omar Svendsen-Yagci (Unge Venstre). Free. First session in English, the rest in Norwegian. https://bpinorge.no/wp-content/uploads/2026/08/mining-proof-of-work_4_22.html
European Blockchain Convention — Barcelona, 16–17 September. https://eblockchainconvention.com/
Danish Blockchain Forum — Christiansborg, Fællessalen, Copenhagen, 17 September, 10:00–13:00. Nordic Blockchain Association with Liberal Alliance, bringing together business, finance, research and politics. Danske Bank's head of digital assets and the Danish tax and business ministers are on the programme.
BTCHEL — Kaapelitehdas, Helsinki, 25–26 September. The only bitcoin conference dedicated to the Nordics. The speaker list is being published as it fills, with Francis Pouliot of Bull Bitcoin among the names. Kaupr has been there before, and recommends it. https://btchel.com/
Nordic Fintech Week — 25–26 September. Running since 2017, with the Danish Ministry of Foreign Affairs, Invest in Denmark and e-Estonia among the partners. [By mangler] https://nfweek.com/
Crypto killer apps — Oslo, 14 October, 17:30–18:30. Polyteknisk Forening with Bitcoin Policy Institute Norway. Svein Grimholt (Babel), Ken Siva Lie (Norges Bank), Jakob Notland (Riften Labs), Torkel Rogstad (Bare Bitcoin), Silvija Seres and Morten Søberg. NOK 239 for non-members. https://www.polyteknisk.no/program/crypto-killer-apps
UN:BLOCK Fintech Forum — Fantadroms, Riga, 15 October. Agentic payments, MiCA licensing, PSD3, DORA and tokenisation. Over 600 attendees expected. €99. https://ti.to/unblock/fintech
From Onchain Build
Day one at Netlight
FIRSTBLOCK-ATHON opened on Monday. Teams are working on the eight problem statements with mentors, technical partners and the organisations behind the problems on site throughout the day. Today is the second and last build day, before Demo Day on Thursday.
Three of the problem statements are up as interviews
The first edition of Onchain Build went out on Friday
The blockathon, the challenges, the prize and all three pre-events in one place. Onchain Build is monthly.
From Kaupr Weekly - the podcast
From Kaupr Weekly — the podcast
Episode 10: What prediction markets are becoming
Three million people opened an account with Kalshi over five weeks this summer, and by the end of the World Cup prediction markets accounted for more than a quarter of all legal sports betting in the United States — up from nine per cent in January. The same summer, traders on Polymarket priced SpaceX's first day before the stock exchange had a price at all. Football and a space company: nine minutes on what these markets are becoming, and whether it is just gambling and insider trading.
Explore Onchain by Kaupr
Thanks for reading the seventh edition of Onchain Growth.
We're here to follow the industry and community driving onchain finance forward across the Nordics and Baltics.
Morten Founder & Editor, Kaupr