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Aker ASA launches Seetee to invest in Bitcoin and blockchain technology

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Aker ASA launches Seetee to invest in Bitcoin and blockchain technology

 

Aker ASA (“Aker”) today announced that it has established Seetee AS (“Seetee”), a new company dedicated to investing in projects and companies throughout the Bitcoin ecosystem and which will keep all its liquid investable assets in bitcoin. Seetee is initially capitalized with NOK 500 million.

Seetee will initially focus on 1) investing in and owning bitcoin, 2) joining the Bitcoin and broader blockchain community and establishing partnerships with leading players, 3) launching Bitcoin verification operations, and 4) building and investing in innovation projects and companies in the Bitcoin and blockchain ecosystem.

Seetee will pursue these opportunities by building on the capabilities that have been developed in the Aker Group through the efforts in industrial software, fintech and green energy value chains. This gives Seetee an opportunity to pursue innovations in the Bitcoin and broader ecosystem, e.g. in the areas of cyber security, financial transactions and emissions-free verification operations.

To accelerate its initiatives, Seetee will actively partner with other companies. For this purpose, Seetee has entered into a collaboration agreement with Blockstream, a global leader in Bitcoin and blockchain technology. Blockstream provides companies access to the most mature, well tested, and secure blockchain technology in production – the Bitcoin protocol extended via interoperable sidechains to support new applications – along with the most experienced teams in the industry. The collaboration will initially focus on mining operations and be further developed by building on Blockstream’s unique strengths in blockchain technology and Aker’s industrial legacy and capability set.

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“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. 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. We look forward to addressing these and other applications together with Blockstream and other partners,” said Øyvind Eriksen, President and CEO of Aker ASA.

“It’s exciting to see Aker dive into the Bitcoin ecosystem with enthusiasm. 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,” said Adam Back, Co-founder and CEO of Blockstream.

Magnus GranathSnorre Lorgen and Sverke Lorgen make up the management team that will initiate Seetee’s Bitcoin investments, Bitcoin verification operations and innovation projects. Ola Snøve is the company’s Executive Chairman.

“I’m excited to invest in Seetee and I am looking forward to being the Executive Chairman, continuing to work closely with Snorre Lorgen, Sverke Lorgen, and Magnus Granath. Our conversations with Blockstream have been truly inspiring and I can’t wait to be part of the team, turning opportunity into reality,” said Ola Snøve, Executive Chairman of Seetee.

Kjell Inge Røkke, Chairman of Aker ASA, has offered his reflections about the investment in Bitcoin and establishment of Seetee in a Letter to Shareholders available at www.seetee.io

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Seetee is owned by Seetee TopCo AS, which again is owned 90.01% by Aker Capital AS (Aker ASA) and 9.99% by Storbrea AS.

For further information, please contact:
Snorre Lorgen, CEO, Seetee
[email protected]

Christina Chappell Glenn, Head of Communications and Investor Relations, Aker ASA
[email protected]
+47 905 32 774

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Christina Chappell Glenn, Head of Communications at Aker ASA, on March 8, 2021 at 07:25 CET.

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This information was brought to you by Cision http://news.cision.com

https://news.cision.com/aker-asa/r/aker-asa-launches-seetee-to-invest-in-bitcoin-and-blockchain-technology,c3301475

SOURCE Aker ASA

Blockchain

Global Fintech Market Size To Worth USD 1009.10 Billion By 2033 | CAGR Of 14.01%

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Blockchain

Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches

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Sarah Brennan, an accomplished figure in corporate and securities law, serves as General Counsel at Delphi Ventures, focusing on investments in the Web3 space. With over 14 years of experience in securities law and a deep involvement in digital assets since 2017, Brennan also co-leads LeXpunK, a collective dedicated to establishing legal frameworks for decentralized digital communities.

In a candid interview with a prominent cryptocurrency news outlet, Brennan discussed various critical topics. She addressed the emergence of crypto super PACs, funded significantly by major firms like Ripple and Circle, to counter strict SEC regulations. Brennan viewed the SAB 121 bill, backed by the US administration, as potentially isolating the crypto community from broader financial integration.

While acknowledging the influence of centralized entities in advocating for crypto interests, Brennan cautioned against replicating traditional financial hierarchies within the crypto sphere, which contradicts its revolutionary ethos. She expressed concerns about monopolistic scenarios that could dominate the crypto landscape, exerting excessive control over essential industry components and traditional financial operations.

Regarding regulatory challenges, Brennan advocated for tailored regulations to manage systemic risks posed by large centralized crypto institutions. She criticized the current regulatory opacity and inconsistency, which she believes have fostered suboptimal business practices. Through LeXpunK, Brennan endeavors to pioneer experimental legal structures that could redefine regulatory compliance for token issuances, though reception from policymakers has been lukewarm.

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Looking ahead, Brennan emphasizes the need for proactive regulatory approaches using antitrust measures to prevent crypto monopolies, promote decentralization, and target bad actors. However, she highlighted the persistent communication gap between crypto-literate legal advocates and hesitant regulators as a significant obstacle.

Brennan continues to drive forward her mission through new advocacy platforms aimed at shaping the future of cryptographic regulation, navigating complexities to ensure balanced and effective regulatory frameworks in the evolving crypto landscape.

Source: shakirabrasil.info

The post Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches appeared first on HIPTHER Alerts.

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Blockchain

Italy Ramps Up Crypto Oversight in Line with MiCA

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Italy is preparing to strengthen its oversight of cryptocurrency markets to align with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. This initiative, initially enacted in 2022, aims to impose stricter monitoring of digital asset markets, particularly targeting insider trading and market manipulation. Under the new decree, fines ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) will be imposed based on the severity of violations, reinforcing compliance and market integrity.

For blockchain firms and decentralized finance (DeFi) protocols, MiCA presents significant challenges. These entities must decide between fully decentralizing their networks or complying with MiCA’s Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Fully decentralized networks are exempt from reporting requirements but risk non-compliance if they employ foundations or intermediaries moderating communities.

Centralized exchanges like Binance are adapting to MiCA by categorizing stablecoins as authorized or unauthorized, aligning with regulatory requirements without delisting these assets from spot markets. Uphold has similarly adjusted by delisting certain stablecoins for compliance purposes.

Despite regulatory pressures, experts are optimistic about stablecoins’ future. Figures like Jeremy Allaire, CEO of Circle, predict stablecoins could represent 10% of the money supply within a decade. They anticipate widespread adoption driven by benefits such as financial inclusion, lower remittance costs, and seamless cross-border commerce via public blockchains.

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This regulatory framework underscores the transformative potential of stablecoins and blockchain technology within the global financial system.

Source: coinfomania.com

The post Italy Ramps Up Crypto Oversight in Line with MiCA appeared first on HIPTHER Alerts.

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