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 bitcoin due to feelings of mistrust and potential instability.
Payment methods such as CHAPS, BAC and Faster Payments are now supported by Safello, and can transmit funds within a short period of time.
Frank Schuil explains:
“Hopefully we are at the start of wider bitcoin adoption in the UK … There’s no reason for your stubborn colleague or conservative friend to stay on the sidelines anymore. Get with the times, Uncle Phil!”
He also credit’s Safello’s consistency over the last year as the prime reason for the partnership:
“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.”
Safello has raised nearly $1 million in funding since it first came to fruition and is looking to offer new features starting next year.