Safello Opens Up UK Bitcoin Market With Local Bank Partner

Safello Opens Up UK Bitcoin Market With Local Bank Partner

Safello announces its launch in the United Kingdom with support for Faster Payments, BAC and CHAPS. The company confirms it has established a local banking relationship to ensure the speedy delivery of bitcoins to UK citizens and companies.

Market breakthrough

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." 

About Safello

Safello is a Swedish, Stockholm based company founded in July 2013. The company is focused on supporting the cryptocurrency market with a safe way to buy, sell, store and use bitcoins. With 87 banks supported in 11 countries Safello has quickly established a leading position in the European Bitcoin market.

For more information about Safello visit http://www.safello.com/


Related News

Safello Partners with UK Bank for Faster Payments

Swedish-based bitcoin exchange Safello has announced a new banking partnership that will see it add local deposit options for UK customers. The firm says the move opens up the "underserved" British market for bitcoin buying and could spark a "wave of interest" in the digital currency. Thanks to its new arrangement, Safello now supports payment methods including CHAPS, BAC and Faster Payments - the latter of which is free for standard UK bank accounts and takes around two to three hours to transmit funds. Frank Schuil, Safello's CEO and co-founder, told CoinDesk: "Hopefully we are at the....

UK Bank Closes Safello Accounts 6 Weeks After Entering Partnership

Six weeks after Swedish-based bitcoin exchange Safello announced rapid 'Faster Payments' deposits for UK customers, its banking partner has withdrawn its services and will close its accounts as of tomorrow. Safello, which received the 14-day closure notice from the undisclosed UK bank on 13th January, said: "there was no base for the decision to shut our accounts down. Nor were we unclear in our communication towards the UK bank prior to getting our accounts approved". Frank Schuil, Safello's CEO and co-founder, told CoinDesk that the exchange will continue to support international wire....

Sweden and the UK Come Together Over Love of Bitcoin

Sweden and the UK have come together over their love of bitcoin. Swedish bitcoin exchange Safello is partnering with a British bank to offer local deposit options for UK-based accounts. While the company's CEO and co-founder Frank Schuil says he is unable to reveal the name of the financial institution at this time, he mentions that the bank is fully aware of Safello's dealings in bitcoin. The partnership is being labeled as a huge step forward as not only have most bitcoin startups been forced to bank elsewhere, but most banks are particularly reluctant to associate themselves with....

Safello Swedish Bitcoin Exchange Announces Critical London Banking Partnership

One of the hardest parts of maintaining and operating a bitcoin exchange in the United Kingdom is securing a bank account. Unfortunately, many exchanges in the area are unsuccessful in maintaining a partnership, and Safello thinks this is a catch 22 situation. Safello announced that they've broken through the market today by establishing a banking relationship in London, opening up the UK market for buying bitcoins through normal bank transfers. "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.....

Barclays Trials Bitcoin Tech With Pilot Program

Barclays has signed off on a proof-of-concept to trial bitcoin technology. Following an agreement with bitcoin exchange Safello, the UK bank says it will explore how blockchain technologies could bolster the financial services sector. Speaking to CoinDesk, Safello CEO Frank Schuil said Barclays' decision reflected a wider change in traditional finance: "If a Tier I bank signing a proof-of-concept with a bitcoin company isn't a sign of the times then I don't know what is ... their attitude is changing and it is changing fast." The announcement, made at the Barclays Accelerator demo session....