The UK Bitcoin market has been plagued by a catch 22 situation where Bitcoin companies are not able to secure bank accounts to offer its services. Some operators found workarounds by cooperating with banks from the Isle of Man, but unfortunately this was halted shortly after. UK customers are since left with no options to quickly and safely buy bitcoins.
UK customers are since left with no options to quickly and safely buy bitcoins
Safello today announces it has established a bank relationship in London. This opens up the UK market for the buying of bitcoins through normal bank transfers. Its supported payment methods are CHAPS, BAC and Faster Payments. This could spark a wave of interest from British consumers that have been underserved.
Frank Schuil, CEO & co-founder of Safello about this milestone:
“Like other companies in the Bitcoin market we already supported British Pound Sterling through international wire, but this was a costly and time consuming experience for our customers. The new bank setup changes this and we are excited to serve bitcoins throughout the UK.”
Schuil elaborates on what it took to establish these accounts: “This is the result of our company’s consistent operation since 2013. We had to build trust with our banking partners and this simply took time. However, the risk perception is changing and we expect other banks to follow suit in 2015. Bitcoin is no longer a fad.”