17 Feb '14, 10pm

Safello, a Swedish Bitcoin transactor, rakes in $600,000, all hype aside

Safello, a Swedish Bitcoin transactor, rakes in $600,000, all hype aside

Don’t count Bitcoin down for the count. Just yet. Safello , a Swedish Bitcoin online processing exchange headquartered in Stockholm and targeting the European market, has received $600,000 in seed money and is moving aggressively into the controversial marketplace. “So far, we’ve transacted, in volume, more than $1 million in turnovers since last September,” all for the European market, Safello cofounder and CEO Frank Schuil told VentureBeat during a phone interview early Monday. The nine-employee startup launched last August with $30,000 raised from private investors. Schuil said the latest infusion of capital will take the startup through the end of 2014. After that time, Safello will begin looking to officially raise a Series A round from institutional investors. Investors in this round included Erik Vorhees, a Bitcoin investor, advocate and founder of Coinapult.com , a...

Full article: http://venturebeat.com/2014/02/17/safello-a-swedish-bitco...

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