Norwegian Block Exchange AS

Regulatory Filings • Apr 30, 2024

nbx.com

NBX is a trusted gateway for investments in digital assets

"We believe customer confidence and easy access to products is key to future growth"

Making investments in crypto, blockchains and web 3, more accessible to the common investor

The Markets in Crypto-assets regulation ("MiCA" ) was approved by the European Council on October 5, 2022.

Once it enters into force it will establish a harmonized crypto regulatory framework at the European Union (the "EU" or the "Union") level and will become the first pan-national instrument worldwide that will lay down a regulatory framework for crypto assets issuers and crypto assets service providers as well as certain types of crypto assets in general.

MiCA – Markers in Crypto assets

MiCA – Markets in Crypto assets

1. Classification of crypto-assets and highlights of associated regulations

MiCA makes three clear distinctions of crypto-assets and establishes three distinct frameworks for such crypto-assets, as follows:

Asset Reference Token ("ART") – a token aimed to maintain a stable value via referencing/backed by one or more assets. Typically, a combination of assets (for example, a token referring to gold, or to several currencies or to other crypto-assets).

E-Money Token ("EMT") – electronic surrogates for coins and banknotes and are likely to be used for making payments. A key characteristic being backed by an official State currency.

Other Crypto-Asset – a digital representation of value or rights which may be transferred and stored electronically (any other crypto-assets which is not excluded in the above-mentioned list of exemptions).

Digital Dollar - Issuer nbx.com

STABLECOINS ARE THE BUILDING BLOCKS IN ON-CHAIN FINANCE

• Agreement with US company Mehen Finance Ltd.
• Exclusive issuer within EU/EEA
• One of a few companies in Europe that has the skillset, know-how and regulatory framework to execute.
• First fiatbacked stable-coin / E-Money token on the Cardano blockchain.

Different Cryptos nbx.com

Market data by Coingecko

• 14081 Coins
• 1063 exchanges
• 2.4 trillion USD market cap
• 1265 bln USD Bitcoin (50.8% dominance)
• 384 bln USD Ether (15.4% dominance)
• USDT + USDC 143bln USD

Cryptocurrencies			글 Highlights	@ Chains	Categories	Dog-Themed Coins			& Binance Launchpad	Layer 2 (
	▲ #	Coin			Price	1h	24h	7d	24h Volume
ರ್ಗ	1	B	Bitcoin BTC	( Buy )	\$64,212.32	- 0.1%	▼ 3.9%	▲ 3.7%	\$15,315,146,179	\$1,26
8	2	0	Ethereum ETH	( Buy )	\$3,155.22	- 0.3%	▼ 3.2%	▲ 4.2%	\$15,218,362,880	\$38
ರ್ಗ	3	(주)	Tether USDT	( Buy )	\$0.9996	- 0.0%	▼ 0.1%	▼ 0.0%	\$52,407,409,347	\$110
ರ್ಗ	ব	BNB BNB કિ		(Buy )	\$606.22	- 0.2%	▼ 0.2%	- 10.4%	\$1,908,460,043	ಕೆಲ
ರ್ಗ	5		Solana SOL	( Buy )	\$147.39	- 0.8%	▼ 6.8%	- 9.6%	\$4,239,647,448	\$61
ರ್ಗ	റ	(\$)	USDC USDC	( Buy )	\$0.9997	- 0.0%	▼ 0.1%	- 0.0%	\$7,631,401,039	\$3
ರ್ಗ	7		Lido Staked Ether STETH	( Buy )	\$3,155.04	▲ 0.3%	▼ 3.1%	▲ 4.8%	\$105,602,788	\$2
ರ್ಗ	8	× XRP XRP		( Buy )	\$0.5263	- 0.2%	▼ 4.1%	▲ 5.9%	\$1,432,030,736	\$25
8	9		Dogecoin DOGE	( Buy )	\$0.1511	- 0.2%	▼ 6.5%	- 0.8%	\$1,465,598,372	\$2
ರ್ಗ	10		Toncoin TON	( Buy )	\$5.45	- 0.3%	▼ 8.4%	▼ 8.7%	\$259,055,989	ക

2024 | April

Mehen + NBX

• Partnership with NBX allows Mehen Finance Ltd to focus on licensing in US. While NBX opens Europe through E-money license
• NBX has started passporting process to all EU/EEA countries.

= Solana
Total Value Locked >\$3.685b
S SOL FDV Download .csv
Cardano Total Value Locked > \$284.63m
> Stablecoins Mcap > Volume (24h) > Treasury

Sourcehttps://defillama.com/ 30th april 2024.

Digital asset banking – Lending / Borrowing nbx.com

Total Collateral \$1.02B		Total Borrowing \$451.66M
Market Stats
Available Liquidity Total Reserves Total Earning \$556.32M \$112.29M \$7.66M	Collateralization 123.16%					Oracle Price \$1.00
Market Rates Net of Rewards		Interest Rate Model
Net Borrow APR 7.94% 8.26% Interest	0.32%	Borrow APR 8.26%
Net Earn APR 6.64% 6.08% Interest	a 0.55%	Earn APR 6.08%	0%			Utilization 81.19% _ 0%
Collateral Assets
Asset	Total Supply	Reserves	Oracle Price	Collateral Factor	Liquidation Factor	Liquidation Penalty
Wrapped Bitcoin WBTC	\$500.17M O	\$170.81	\$64,234.69	80%	85%	5%
Ether ETH	\$443.81M O	\$83.33	\$3,158.63	83%	90%	5%
Compound COMP	\$50.57M O	\$27.19	\$56.19	65%	70%	25%
Chainlink LINK	\$21.09M (1	\$48.76	\$14.81	79%	85%	7%
Uniswap UNI	\$9.18M O	\$4.25	\$7.78	75%	81%	15%

STABLECOINS ARE THE BUILDING BLOCKS IN ON-CHAIN FINANCE

Snapshot of Compound Finance USDC pool today 25 th

Borrowed 451M USDC Available 112M USDC Total in pool 563M USDC

Collateral assets: WBTC, Ether, Compound, Chainlink, Uniswap

Lending protocols "In a nutshell"

• If you provide 2% of liquidity in Pool, your share of interest is ~2%.
• If free liquidity you can exit lending position.
• If free liquidity you can borrow.
• Interest rates set by smart contract according to supply and demand.
• If low borrowing interest/high liquidity = low borrowing rate.
• If low liquidity in pool = borrowing rates increase.

2024 | April

• Lender provides liquidity by depositing into liquidity pool
• Borrower provides collateral in form of digital asset
• Protocol rules / Contract determine interest rate and LVT
• E.g borrow at LTV 0.5 Liquidated at LTV 0.9
• Borrow 50.000 NOK Set min. collateral worth 100.000 NOK in digital asset.
• Liquidate if value of digital asset as collateral sinks to 55.555 NOK.
• Repay loan, penalty fee and remaining back to borrower.

@nbxcom