Swedish Bitcoin exchange Safellohas expanded to neighboring countries Norway and Denmark in order to make the process of buying and selling Bitcoin more easy by using local bank transfers. Norwegian Bitcoin enthusiasts have been plagued by a lack of decent options after Norway’s largest Bitcoin exchange lost their bank accounts and was forced to shut down their operations. Safello is now targeting the power vacuum left behind in Norway, as they want to bring the Norwegian people and Bitcoin together once again.
Hard To Break the Ice in the UK
Penetrating local market is not easy these days, and especially not for Bitcoin-related companies. However, Safello, while being regulated by the Swedish Financial Authority, managed to secure a local bank account in the United Kingdom, which was unfortunately shut down a month later. But rest assured, as Safello will not give up on their plans to enter the UK market in 2015.
“We see it as a sign of times and keep pushing forward trying to cooperate with the banks. This groundbreaking technology takes time to be fully understood and appreciated. On top of that the regulatory environment has become stricter since the 2008 financial crisis. Because of this banks are understandably more cautious,” Safello CEO Frank Schuil told CryptoArticles.
Denmark & Norway : The Perfect Opportunity
This setback in the UK market only emboldened Safello in their plans for European expansion. Norway and Denmark are the two first stops along the way to realizing that plan, because both individuals and companies can use local bank transfer to buy and sell their Bitcoins through Safello.
“After the largest exchange in Norway shut down we saw a steady amount of Norwegian customers sign up for our service. As part of our goal to strengthen our Nordic presence we set out to better serve them. Similarly the Danish market has had few options to choose from and we hope they will enjoy our platform, ” is how Frank Schuil explains the market entries to us.
Further European Expansion
It remains challenging for Safello and other Bitcoin-related companies to open up local bank accounts. However, Safello is making strides in the European markets by allowing customers to buy bitcoins with SEPA payments. Furthermore, local payment options are being added to selected European countries in the near future.
“In this early stage of Bitcoin adoption the consumer entry point to the market is when they purchase their first bitcoins. It is there and then that Safello wants to provide a pleasant experience. We need to meet the consumer where they are most comfortable transacting. That means support for local payment methods that are familiar and convenient are a must,” Frank Schuil concludes.
It will be interesting to see what Safello will bring to their customers over the next few months. With 32 countries being supported at this time of writing, and the addition of local payment options such as SEPA, Bankgiro and International Wire, Safello is by far leading the cryptocurrency revolution in Europe.
Safello website : https://Safello.com