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....
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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bitcoin exchange Safello announced rapid 'Faster Payments' deposits for UK customers, its banking partner has withdrawn its services and will close its accounts as of tomorrow.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....
Swedish bitcoin exchange Safello has teamed up with mobile transaction service Swish to enable direct payments for more customers via their mobile devices. The Swish app links to users' bank accounts to send and receive funds instantly, and charges no fees. Transactions are processed once a day, so if you buy bitcoin through Safello using the new service, the process should be completed within 24 hours. Added as part of a push to bring more customers on board, Safello describes its service as now "just the simplest way" of buying bitcoins in Sweden, explaining: "With an account at any of....
Safello, one of the more popular European Bitcoin exchanges, is expanding their vast array of payment options for UK customers. As the United Kingdom is proving to hold a big customer base for people looking to both buy and sell bitcoin, European exchanges have to adapt to the growing demand. Offering faster payment methods is an important step in the right direction, which will in turn help with bitcoin adoption in the UK. Bitcoin enthusiasts from the United Kingdom previously could only buy and sell bitcoin through either SEPA transfer or international bank transfer, which takes several....
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.....
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....