OSLO – Nordic cryptocurrency platform Norwegian Block Exchange AS (NBX) said on Thursday it has agreed to buy a 50% stake in The Flip Company AS, a move that merges its regulated custodial services with a popular non-custodial wallet.
The acquisition from Autonomous Investments AS values the deal at 4.4 million Norwegian crowns ($414,000), NBX said, and will be settled through the issuance of new shares in NBX to the seller.
The transaction, expected to close in November 2025, is subject to approval by Norway’s Financial Supervisory Authority (NFSA).
The merger aims to create a “best of both worlds” offering for Nordic crypto users, NBX Chief Executive Stig Kjos-Mathisen said. The Flip App, with about 1 million downloads, will integrate NBX’s regulated trading and custody services, allowing its users direct access.
“We see that it has become more and more important to reach and offer services to customers outside of the custodial role,” Kjos-Mathisen said. “Bridging the Flip app and the NBX platform allows us to serve everyone.”
The deal highlights a growing trend of traditional crypto service providers expanding into decentralized finance (DeFi) to capture a broader user base. The global non-custodial wallet market was valued at $3.5 billion in 2024, according to industry data.
“The future of cryptocurrency isn’t about choosing between centralization and decentralization—it’s about having options,” said Gotfred Berntsen of The Flip App in a statement.
NBX said the partnership would enhance its stablecoin strategy, noting that the Flip App provides an efficient way to use stablecoins like USDM. The stablecoin market has grown more than tenfold to over $220 billion in the last five years.
Under the deal’s terms, the seller will also receive warrants to acquire additional NBX shares at a discounted price, exercisable for 12 months after the transaction’s closing.
($1 = 10.6270 Norwegian crowns)