Safello, a Swedish Bitcoin transactor, rakes in $600,000, all hype aside


Don’t count Bitcoin down for the count. Just yet.

Safello, a Swedish Bitcoin online processing exchange headquartered in Stockholm and targeting the European market, has received $600,000 in seed money and is moving aggressively into the controversial marketplace.

“So far, we’ve transacted, in volume, more than $1 million in turnovers since last September,” all for the European market, Safello cofounder and CEO Frank Schuil told VentureBeat during a phone interview early Monday.

The nine-employee startup launched last August with $30,000 raised from private investors. Schuil said the latest infusion of capital will take the startup through the end of 2014. After that time, Safello will begin looking to officially raise a Series A round from institutional investors.

Investors in this round included Erik Vorhees, a Bitcoin investor, advocate and founder of, and Zubair Quraishi of More than a dozen others also ponied up.

Safello touts itself specifically as an online crypto-currency market exchange where users can safely buy, sell, store, and use the nascent Bitcoin for commercial online purchases through commerce sites. Its staff includes encryption specialists, entrepreneurs, and Bitcoin experts.

Schuil pointed out his young team is working closely with Swedish and German government financial regulators to combat fraud and money laundering, two unwanted facets of other crypto-currency exchanges that have incurred the ire of prominent U.S. lawmakers and the FBI.


Source: Venturebeat - Read the original article here

Author: Daily Tech Whip

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