The safe way into Bitcoin
Safello is the leading platform for buying, selling, storing and using bitcoins.
NOTE TO BITCOIN PLEDGERS
To tailor to our users and as we are a Bitcoin company we want to make sure that pledgers can pay in Bitcoin. The way this works is that you mark your interest here in good ol' fashioned fiat currency and you pay in bitcoins. This means that you will send the equivalent value in bitcoins and we will return the excess amount once its cleared that sufficient funds are in the account. We will provide detailed instructions on where to send your bitcoins and how its processed as we finalise this round.
BITCOIN BY THE BOOK
Safello started with the simple idea that the market needs a company it can trust. We are your safe fellow by:
- Choosing a respectable jurisdiction, Sweden
- Registering with the Swedish Financial Supervisory Authority (Finansinspektionen)
- Cooperating with rather than fighting the banks, we landed Handelbanken as our main bank, a top 4 bank in Sweden
- No lock in of client funds, we don't want to end up like MtGox
- Consistency, we have been in operation since July 2013
IS BITCOIN DEAD?
The media might have you believe so, but in reality its the exact opposite. Last year over $335m was invested into Bitcoin companies and this trend is set to continue in 2015. Adoption of Bitcoin is growing, here is the latest data from the Coindesk State of Bitcoin 2015 report:
- 80k merchants accept bitcoins worldwide
- Companies representing $180 billion in annual revenues accept bitcoin including Microsoft, Dell and Expedia
- There are now 8 million consumer wallets
- $130m invested into Bitcoin companies in Q4 2014 alone
Bitcoin is a groundbreaking invention. Where the Internet changed the way we consume information, Bitcoin is changing the way we use money. And that's just the tip of the iceberg as it has the capability to not only impact the 2.2 billion banked consumers, but also the 2.5 billion unbanked people in the world today that are excluded from the global financial system. It is therefore no surprise that some of the brightest minds are very excited:
- "Virgin Galactic is a bold entrepreneurial technology. It’s driving a revolution and Bitcoin is doing just the same when it comes to inventing a new currency." Sir Richard Branson, Founder of Virgin Records, Virgin Galactic, and 400+ other businesses
- "Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value” Eric Schmidt, Chairman Google
- "I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world." Peter Thiel, Co-Founder of Paypal
- “I’m a big fan of Bitcoin … Regulation of money supply needs to be depoliticized.” Al Gore, former US Vice President and winner of Nobel Peace Prize
- “Bitcoin is a technological tour de force.” Bill Gates, Microsoft Co-Founder
Needless to say, Bitcoin is in great company.
To help educate our customers and anyone who is interested in Bitcoin and its potential impact on the global economy, we created a page with hours of video content. If you want to learn even more from an independent source we recommend visiting Bitcoin.org.
GETTING INTO BITCOIN
Safello connects to banks and Payment Service Providers (PSPs) to make make it easy to purchase bitcoins. Today we support 32 countries through the following payment methods:
- SEPA (Europe)
- International Wire (UK)
- Bankgiro (Sweden)
- Swish (Sweden)
- Handelsbanken Direkt (Sweden)
- iDeal (the Netherlands)
- Bank transfer (Denmark)
On the selling side we have a 7 minute lock to guarantees the price within that time frame.
We understand that our customers want to use local payment methods. Especially in Europe there are many different preferences where a one-size-fits-all approach does not fit. Our goal is to serve customers globally with local payment methods, which is why we call this our glocal approach.
Bitcoin represents financial freedom and Safello takes this seriously. Our wallet, currently in beta, keeps you in full control of your funds at all times. Even if Safello were to shut down your funds are save and can be restored outside of Safello. An important factor here is that the wallet remains user friendly, we spent a lot of time making it so.
- Public & private wallets
- Public profile pages
- In-stream messaging
- Transaction stream with avatars
- Transactions show names instead of bitcoin addresses
- Universal bitcoin address book for companies & people
- And much more...
To make this possible we partnered with Blockchain.info, the largest Bitcoin wallet provider in the world. We plan to expand on this philosophy by adding other external wallet and cold storage providers to the Safello platform. User choice and self-control of funds is what we strive for across the board.
It is our firm belief that Bitcoin needs a killer app and we are determined to develop this together with our users. Much of the foundation that serves as a stepping stone to make this possible has been built. Meanwhile we have done our first experiments to spark usage. One of such experiments are our donations pages where we partnered up with charities to create beautifully designed campaigns, you can find them here:
The mission The billion Dollar question on top of everyone's mind is how to get people to use Bitcoin. We believe that this takes time to do and requires tie-ins to other parts of the economy by building Value Added Services (VAS) that deliver something faster, better or cheaper than its equivalents in the traditional financial system. Since the rate of innovation is important here we plan to develop the first VAS ourselves and subsequently open up Safello's platform for others to build on.
METRICS & NEXT STEPS
So how have we been doing? Pretty good. In fact, January 2015 was our best month ever where we traded almost 3000 bitcoins. Otherwise Safello has been on a roll too, here are our key metrics:
- 17.000 registered users
- 15.000 orders completed
- $5.500.000 in turnover
And we're just getting started! In last week of March we will be announcing some news that could significantly improve our position in Europe. In preparation of this news we are shaping up by means of this crowd funding round. By participating in this round you will get the opportunity to join the ranks of our existing investors, some of who are the biggest names in Bitcoin like Roger Ver, Erik Voorhees, Nicolas Cary, Ira Miller and Digital Currency Group.
USE OF PROCEEDS & VALUATION
The funds we are raising are primarily used to expand our team and offering outside of Sweden to better service the European market. We want to double down on localisation of our platform with more payments methods and bank connections to establish a leading position in Europe as a stepping stone to global expansion.
Safello's valuation has been steadily progressing over the last years and we follow this path with today's crowd funding round. To date we have raised ~$860k where the last valuation was set at $8.5m max cap of DCG's convertible in July 2014. Our objective is to continue this route until we can make the shares liquid through an exit or IPO.
- Techcrunch - Aiming to be the Coinbase of Europes, Sweden's Safello raises investment cash
- Forbes - Safello enables charitable donations with bitcoins
- Ventures Beat - Safello, a Swedish bitcoin transactor rakes in $600k, all hype aside
- Forexminute - Safello is all for legal bitcoin transactions, advocate for speed and convenience
- Coindesk - Safello introduces Europe wide bitcoin trading
- Coinreport - Safe and simple Safello bitcoin exchange
- SVT - Svenska vaxlingstjanster for bitcoin omsatter allt fler miljoner
- Internetworld - Har ar Sveriges forsta bitcoin bankomat
- SVD - Svenskt Bitcoinforetag miljoninvesterar
WHAT TO EXPECT?
An investment in Safello is a long term investment in the Bitcoin space. Our vision is to build the bank of the future, one that keeps the customers in control of their money and is ultimately owned by the public. The end goal is financial freedom and convenience. We have built a great fundament from which we can start delivering that value not just to Bitcoin enthusiasts, but more importantly to regular consumers around the world.
Our commitment to our shareholders:
- Open innovation, we will establish a way for our investors and users to be directly involved in the product development. This does not mean we take every suggestion and implement it, but we do believe in wisdom of the crowd.
- Frequent communication. At this early stage of the company we will send you bi-monthly updates on our progress.
- Not lose track of the bottom line, it is a business after all.
- Be transparent to keep expectations realistic.
We hope you will join us on our mission to change the world of finance.
On behalf of the entire Safello team,
Frank Schuil CEO & Co-Founder Safello