Swedish-based BTC Exchange Safello Partners with Banks to Offer Services for UK Customers


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Founded in July 2013, Swedish-based Bitcoin exchange Safello has announced a new banking partnership which according to it will help it cater the requirements from customers in the UK. In a press release the company has said that the move opens up the “underserved” British market for Bitcoin buying and could spark a “wave of interest” in the digital currency.

Informing the press the company says that with the new partnership it now supports payment methods including CHAPS, BAC and Faster Payments. Out of these Faster Payments is free for standard UK bank accounts and takes around two to three hours to transmit funds – this according to the company is going to be a landmark decision.

Talking to media professionals Frank Schuil, Safello’s CEO and co-founder, said that hopefully the company is at the start of wider Bitcoin adoption in the UK and there is no reason for users’ stubborn colleague or conservative friend to stay on the sidelines anymore. The company has set out to bring greater compliance and security to the Bitcoin industry.

Safello claims that its user friendly approach has attracted thousands of customers throughout Europe with an easy way to get into Bitcoin. Currently, it supports over 87 banks with direct payments in 11 countries and many more through other payment methods like Swish, bankgiro, SEPA and international wire.

The Names Banking Organizations Not Disclosed

Nonetheless, with tens of millions of SEK, Euro and GBP in and out of Bitcoin processed, Safello is leading the cryptocurrency revolution in Europe. The company hopes that users join it on its mission to bring about greater adoption of this new financial system. The new partnership to cater the requirements from the UK customers is towards the goal to expand further.

Though Schuil did not disclose the name, he confirmed that the company’s new London-based partner is indeed a bank and not an intermediary financial services company. According to some observers the company’s announcement is notable because most Bitcoin startups in the UK are currently forced to bank elsewhere in the EU.

This is due to the fact that financial institutions are reluctant to get involved with cryptocurrency businesses due to their perceived high-risk factor. However, Schuil believes that though it is challenging the new relationship will help it further the presence and comply with the laws of the land to avoid any trouble.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com