After an influx of top-U.S. companies investing in bitcoin, it appears that the rest of the world is beginning to play catch up. Yesterday, Norwegian holding company Aker ASA announced the formation of a new business, Seetee, that will be dedicated to bitcoin investment and fostering its underlying technology.
Shortly afterward, Blockstream announced a partnership with Seetee to focus on using bitcoin to maximize existing energy production.
“While Bitcoin is well on its way to transforming the financial industry, it also holds the potential to bring about radical improvements in global energy distribution,” according to the announcement. “Our partnership with Seetee will improve power grid efficiency, drive further investment in renewable energy, and act as a catalyst to a more sustainable future — all while improving Bitcoin’s security in the process.”
Blockstream is a Bitcoin development firm with several fronts, including a mining division, a Bitcoin sidechain called Liquid, a satellite that broadcasts the Bitcoin network and more. The announcement suggested that the firms would rely on Aker’s expertise in the legacy energy sector to explore bitcoin applications.
“By dynamically balancing energy demand through Bitcoin mining, Blockstream enables greater scale and significantly improves the economics of renewable energy projects,” per the announcement. “Seetee and its parent Aker have extensive renewable energy assets around the world. This opens new doors and enables us to pursue even more ambitious projects in Bitcoin mining.”
In addition to a focus on mining, the announcement noted that the firms would also be exploring “financial products for industrial applications using the Liquid Network and Elements, e.g., foreign exchange, cash management, and trade settlements.”
Kjell Inge Røkke, the main shareholder of Aker and founder of Seetee, hailed the partnership, per the release.
“By merging Aker's industrial capabilities and experience with Blockstream's leading position in Bitcoin and blockchain technology, we believe that both parties can greatly accelerate the pace of development,” he said.