Categories: CryptoNews

Swedish Bitcoin Exchange Safello Looking to Raise €263K Via Crowdfunding

Swedish bitcoin exchange Safello has started a €263,000 crowdfunding campaign to expand the company into a blockchain-based “bank of the future”. While Safello is currently in the business of facilitating digital currency trades, the company is looking for additional funds to expand its offering into lending, crowdfunding and remittance.

The campaign is being hosted on Sweden-based crowdfunding platform FundedByMe.com, which Safello used in a previous $300k funding round in March of last year.

The crowdfunding page reads:

“Long term, we see numerous opportunities by using so-called smart contracts to make more complex transactions possible on the platform.”

Since its inception in 2013, Safello has focused mainly on the Swedish and European digital currency markets, raking in 28,000 registered users that have executed a total of $11 million in virtual currency trades. However, despite the company’s success, CEO and co-founder Frank Schuil believes that Safello needs a more comprehensive suite of tools to entice mainstream users into using digital currencies, “Our goal has always been to get more people into the cryptocurrency economy to spark widespread usage, even if we have to call it blockchain — only half-joking here.”

writes Schuil, in one of his recent blog posts
.

Schuil sees the need to incorporate social media components into Safello’s blockchain services, much like Venmo’s payment platform, where users can check up on the spending habits of their online acquaintances:

“Users opening up the Venmo app not to make payments nor to check their balance or see where they are with their budget. No, Venmo users open up their app four-to-five times per week just to see what their friends are up to.

Related Post

Safello will be looking to leverage the funds from this crowdfunding effort to hire new developers that can actualize this all-encompassing blockchain-powered financial platform. As for an exit strategy, Safello is looking at several options; acquisition by a financial institution or tech firm; grow into a public company.

At press time, the funding round has raised 68% of the required funds from 52 investors, with another 37 days left.

 

Image credit: 1

Apple users can now download the app of The Merkle in the App Store!

If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Traderman

Avid blogger, entrepreneur, and cryptocurrency enthusiast. I love writing about cryptocurrency, NFTs, price analysis, and much more!

Share
Published by
Traderman

Recent Posts

Cheems Surge On BSC Network: A Rising Star With Growing Market Value

The Cheems token on the Binance Smart Chain (BSC) is gaining significant momentum, surging by…

1 hour ago

Lester Token Crashes 40% Following Official Announcement

The value of $LESTER plummeted by 40% in the past 24 hours, leaving its market…

1 hour ago

From $30K To Millions: The Wild Journey Of $Quant And Xiaohaige’s Memecoin Stunts

In a bizarre turn of events, a young live-streamer known as Xiaohaige created the memecoin…

2 hours ago

Whale “convexcuck.eth” Makes Bold $CVX Move, Nets Significant Profit Amid Price Surge

The crypto whale known as "convexcuck.eth" has made waves in the DeFi world, spending $2…

2 hours ago

$ELIZA Token Launch Marred By Insider Trading Allegations

The launch of $ELIZA, a token introduced by Andreessen Horowitz (a16z) partner @shawmakesmagic, has sparked…

2 hours ago

Cardano’s Rally Highlights Diverging Moves Among Investors

Cardano ($ADA) has been making waves in the crypto market, breaking away from the altcoin…

2 hours ago