Safello Acquires Assets BT Technology Inc. (ICBIT)
ICBIT Founder and CEO Aleksey Bragin Appointed CTO Safello
17 OCTOBER 2016, STOCKHOLM, SWEDEN
SummarySafello announces the asset acquisition of BT Technology Inc., owner of the ICBIT peer-to-peer crypto futures exchanges platform founded in 2011 with over 12.000 customers and 11.6 million orders submitted.
The acquisition is linked to Safello's recently relaunched platform that serves as the foundation for integrating the ICBIT technology. It features a redesigned buy and sell process built from the ground up and numerous improvements.
As part of the acquisition ICBIT Founder and CEO Aleksey Bragin has joined Safello as Chief Technology Officer to oversee the integration of the technology as well as to further the development of Safello's platform and services. Aside from his vast experience in the cryptocurrency economy he is the President of the ReactOS Foundation and lecturer at the Moscow State Technical University with a background in computer engineering of over 15 years.
Safello successfully completed its second crowdfunding round in Q3 2016 where participants joined an A-list of existing investors including the Digital Currency Group, Erik Voorhees, Roger Ver and Nicolas Cary.
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Founded in July 2013 Safello set out to bring greater compliance and security to the cryptocurrency market. Its user-friendly approach has since attracted tens of thousands of customers throughout Europe. Today Safello supports the European Economic Area with direct payments and other payments such as SEPA, Bankgiro, Swish and International Wire. With over a 100 million of SEK, Euro and GBP in and out of Bitcoin processed, Safello is leading the cryptocurrency revolution in Europe.
ICBIT was founded in 2011 and went live in 2012 with several futures products including BTC/USD rate, BTC/LTC rate as well as Bitcoin difficulty and an S&P500Index. Over 11.6 million orders have been submitted to the platform serving over 12.000 traders. ICBIT was featured on CNN, Forbes and Business Week.
"In the last three years, we have had M&A discussions with over eight companies. BT Technology Inc. was the first deal we evaluated that made commercial, technological and operational sense. There are exciting synergies between our platforms that will strengthen our market position and benefit Safello's customer base. To put it simply, it was a no-brainer." Frank Schuil, Founder & CEO Safello
"In Safello we found a partner and a home for our technology. I am very excited to bring our expertise to Safello and continue development of our platform under the Safello brand. I am confident in Safello becoming a global leader in the blockchain and cryptocurrency market." Aleksey Bragin, Founder ICBIT