Aiming To Be The Coinbase of Europe, Sweden’s Safello Raises Investment Cash

Billing itself as the “Coinbase of Europe” Sweden based Bitcoin company Safello has raised a $600,000 investment round lead by Bitcoin advocates Erik Voorhees (co-founder of the Bitcoin company Coinapult) and Roger Ver (Angel Investor & Bitcoin evangelist), and participated in by CEO Nicolas Cary and angel investors Victor & Victor. The startup has also redesigned its site for usability to position itself as ‘safest way into Bitcoin’. The startup plans to go up against major competitors in the shape of Kraken, Bitstamp, Coinbase, and BTC-E.

The cash will be used to grow in Europe and to be a ‘safe harbour’ for Bitcoin. It’s estimated that about half of the Bitcoin exchanges have disappeared since 2009.

To achieve this, Safello has registered itself with the Financial Supervisory Authority in Sweden, a country that together with Germany has been pretty clear about bitcoin taxation, and, of course, a very stable economy.

Frank Schuil, co-founder and CEO of Safello says: “Our new interface is simpler than our competitors. And we are more ‘compliant’ than the others. Our goal is keep the user interface minimalistic so it’s simpler for people to get into bitcoins.” Erik Voorhees, says Safello’s growth “has been amazing thus far.”

Stability is key in the Bitcoin market but it is hard to find right now.

Bitstamp, the manager of the world’s largest bitcoin exchange, said over the weekend that it had restored automated customer withdrawals, after they were halted for days due to a hacking attack that crippled various Bitcoin platforms.