Bitcoin Exchange Selected For Barclays FinTech Accelerator

According to Frank Schuil, Safello CEO, the company aims to provide a safe and simple way to get into bitcoins. The exchange is accessible in 32 countries, with different local payments methods. Millions of Dollars worth of bitcoins, from thousands of customers have already passed through the companies books, and Safello shows no signs of slowing down.

“In the next phase of Safello we want to help our customers store and use bitcoins. For those who are interested in this evolutionary path we recommend them to sign up for our wallet waiting list”
— – Frank Schuil, Safello CEO

The Barclays Accelerator accepts 10 start-ups, out of hundreds of applications, three of which are bitcoin-related companies; Safello, a Stockholm based exchange; Atlas Card, a US based company focused on bitcoin based debit card; and EdgeLogic, a company designing Blockchain solutions that track valuables and prevent insurance fraud.

“Your team must be capable of designing your solution and be ready to launch by the end of the 13-week programme. We are looking for impressive teams with an ability to execute.”
— – Barclays Accelerator

The accelerator program is supported by Techstars, a seed funding company passionate about budding entrepreneurs and fledgling fintech start-ups. In exchange for Techstars support, the young companies will provide a 7-10% equity stake.

“We are ecstatic to launch our second cohort in partnership with Barclays. FinTech is white hot right now and is evidenced by the amazing quality of innovators we get to work with through this unique programme,”
— – Greg Rogers, Managing Director of Techstars

Safellos’ goal, advises Schuil, is to be a trusted party in a market that has been plagued by hacks and scams. “We have safely served customers since mid-2013 by taking a non-storage approach to the market.” Safello does not hold any client funds, instead they work with liquidity providers to outsource the risk.

Safello recently completed a crowdfunding campaign on FundedByMe, with over a month left to go. “We know the founders very well and even shared an office with them. It guaranteed their support to maximise the impact of the campaign. After less than a week we cleared our campaign goal, so we are happy to conclude that was the right decision,” explains Schuil.

The funds will be used by Safello to expand their reach in Europe, incorporating additional payment methods and bank accounts. Schuil believes that this approach will better serve the European market. “We also aim to take the first steps towards delivering upon our promise of the next steps of Safello. The wallet beta is the starting point,” said Shuil.

“With our wallet we have taken that same risk averse approach as we are not storing any bitcoins. Instead we provide an interface layer to the customer’s wallet that only they have access to. In practice this means that even if Safello were to be shut down tomorrow, customers can still access their funds through other means,”
— – Schuil

Schuil explains that when thinking of the Safello product, it falls somewhere between Blockchain.info and Coinbase. ”The first provides a tech-savvy solution with lots of APIs and Coinbase provides a walled garden experience with a bunch of great services. Safello has taken the approach of letting the customers decide what services they prefer to use within our platform while providing a UI/UX environment for this, which resonates with a wider audience.”

“Long term we want to open our platform up for others to build on top of us, so the rate of innovation is faster and the options for users is wider,”
— – Schuil