Sweden has a new Bitcoin startup that helps users, especially beginners, to buy and trade virtual coins. Safello went online in August and plans to be part of the new wave of services that fight for cryptocurrency’s regulation to make sure that both Bitcoin sellers and buyers are protected.
That’s why Safello, according to its CEO Frank Schuil, is focused on two Bitcoin features that are extremely useful for consumers: speed and convenience, especially when users need to make international transactions. As a Bitcoin reseller, the startup’s goal is to provide infrastructure for the sale and purchase of cryptocurrency, but Schuil says that, “at this stage, we also have to market Bitcoin itself”.
The company “has built up liquidity in Bitcoin and hooks into other platforms to match any price on any exchange”, Safello’s CEO adds. However, Frank Schuil thinks that the startup can stand out from the existing exchanges due to its concern with transparency and also because Sweden has such a good reputation abroad, particularly in Europe.
“Rather than dealing with Mt Gox, which is based in Japan, and transmitting your money to their bank account in Poland, you just deal with one company, in one place”, says Schuil. That’s a good reason to attract customers, but the Swedish authorities and banks have also been seduced by Safello, which has created a corporate account with a big Swedish bank and is following the guidelines issued by Skatteverket, the national tax authority.