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…
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. However, the risk perception is changing and we expect other banks to follow suit in 2015. Bitcoin is no longer a fad.”
The supported payment methods are CHAPS, BAC and Faster Payments. Safello hopes that the new partnership sparks a wave of interest from British consumers that they believe have been underserved.
Upon the announcement, CEO and co-founder Frank Schuil made a statement on the development.
“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.”
Although Safello is a Swedish company, their focus seems to be a global future. They have 87 banks supported currently in 11 countries and have established a leading position in the European Bitcoin market.
Image courtesy of Safello and Shutterstock.
Last modified: January 8, 2020 3:25 PM UTC