Bitcoin Company Safello Expands Into Norway and Denmark
Safello Serves Norwegian and Danish Customers With Local Payment Methods
26 JANUARY 2015, STOCKHOLM, SWEDEN
SummarySafello expands to Norway and Denmark with local bank transfers to make buying and selling of bitcoins more convenient in the Nordics. Norway in particular was plagued by a lack of good options after its largest exchange lost their bank accounts and had to shut down its operation. Safello aims to fill this gap and help Norwegians safely enter the Bitcoin market.
With the regulatory unclarity in Europe opening bank accounts remains challenging. Safello, regulated by the Swedish Financial Authority, is helping customers throughout the European Union buy bitcoins with SEPA payments. In its ambition to better serve the market Safello is adding local payment methods in selected countries. Frank Schuil, CEO & co-founder of Safello explains: "In this early stage of Bitcoin adoption the consumer entry point to the market is when they purchase their first bitcoins. It is there and then that Safello wants to provide a pleasant experience. We need to meet the consumer where they are most comfortable transacting. That means support for local payment methods that are familiar and convenient are a must."
UK market entry
Safello has had its ups and downs when it comes to penetrating local markets. In December 2014 the company announced to have secured a local bank account in the UK, only to be shut down a month later. Schuil elaborates: "In our first year of operation two of Sweden's top four banks closed down our accounts before we even got started. Many banks all over the world have taken a firm stance against Bitcoin companies. This despite whatever precautions companies take in terms of AML/KYC best practices. Safello in particular has a very strict policy. Schuil adds: "We see it as a sign of times and keep pushing forward trying to cooperate with the banks. This groundbreaking technology takes time to be fully understood and appreciated. On top of that the regulatory environment has become stricter since the 2008 financial crisis. Because of this banks are understandably more cautious."
Launch in Denmark and Norway
Shortly after its setback in the UK market Safello takes a stand by expanding to Norway and Denmark. Local bank transfer will make it easy for Norwegian and Danish consumers and companiess to buy and sell bitcoin through Safello. Schuil on the market entries: "After the largest exchange in Norway shut down we saw a steady amount of Norwegian customers sign up for our service. As part of our goal to strengthen our Nordic presence we set out to better serve them. Similarly the Danish market has had few options to choose from and we hope they will enjoy our platform."
Founded in July 2013 Safello set out to bring greater compliance and security to the Bitcoin industry. Its user friendly approach has since attracted thousands of customers throughout Europe with an easy way to get into Bitcoin. Today Safello supports 32 countries in Europe with direct payments and other payments such as SEPA, Bankgiro, Swish and International Wire. With tens of millions of SEK, Euro and GBP in and out of Bitcoin processed, Safello is leading the crypto currency revolution in Europe.
"We need to meet the consumer where they are most comfortable transacting." Frank Schuil