Norwegian business magnate Bjørn Kjos and his family have reportedly set up a cryptocurrency exchange and plan to introduce bitcoin payments at their airline, Norwegian Air Shuttle.

As reported by local business newspaper Dagens Naeringsliv (DN) on Tuesday, the new exchange is dubbed Norwegian Block Exchange (NBX) and is slated to launch in August.

The magnate's son, Lars Ola Kjos, is also said to have become a bitcoin investor, having bought NOK 3.5 million ($404,000) worth of the cryptocurrency in 2017. At the time, bitcoin prices were far below their current levels of $10,000.

DN said the investment came to light through documents from Lars' company Green 91, and makes him one of Norway's top crypto investors. He is also a board member of Norwegian Block Exchange, which the Kjos family owns almost outright, according to the report.

Once the exchange is up and running, the plan is to expand to neighboring countries and, in the autumn, provide a payment solution enabling Norwegian Air Shuttle customers to pay for tickets with cryptocurrency, DN says.

Norwegian Air Shuttle (Norwegian) is Scandinavia's largest airline and Europe's third-largest budget airline, according to Wikipedia.

Norwegian plane image via Shutterstock