We wrote about Safello a few months back, a Stockholm-based company building a Bitcoin-exchange platform for the “general public”. Safello feel that whilst some form of crypto-currency is the future, there is a way to go before the technology and marketpaces are legitimate enough for the common consumer.
Back in August, CEO Frank Schuil explained:
Safello is a quick and simple Bitcoin exchange. What we try to solve? The boring answer is “market efficiency”. For the average consumer it’s no fun buying Bitcoins, in fact even some of my most tech savvy friends have given up midway. If Bitcoins ever wants to deliver on its promise of revolutionizing the financial market, that needs to change. And so we built Safello, the simple and quick exchange for you to buy Bitcoins. But we know that’s only the start, long term there’s all kind of magic in our roadmap.
Today, Safello have announced that they’ve expanded into the Dutch market and can now offer a frictionless Bitcoin-buying experience and accept SEPA transfers from all of Europe.
Safello certainly offers a compelling experience – a safe and legitimate way to buy cryptocurrency. Whilst the media buzz surrounding Bitcoins has been significant, it’s probably fair to claim that the majority of Bitcoin-buyers have been tech-savvy hacker types. Regarding legitimacy, a lot has been written about Silk Road – the ‘eBay for narcotics’ that was shut down recently – over the past few days, which really brings the question of marketplace-legitimacy into the limelight. Speaking on that issue, Schuil said:
The recent shutdown of Silk Road unmistakably proves that governments will do whatever they can to counter illegal operations in the Bitcoin space. For Safello it validates that our AML (anti-money laundering) and KYC (know your customer) compliant approach whilst cooperating with the banks and tax authorities to legitimize Bitcoins is indeed the way to go. It is the prelude for bigger things to come for Bitcoin and for Safello. So while other Bitcoin companies had to shut down due to regulatory pressure, we have now expanded to the Netherlands with a Dutch website and iDeal integration and have started to accept SEPA payments from all Europeans.