Safello Announces Social Media-Inspired Bitcoin Wallet

Bitcoin exchange Safello introduced new bitcoin wallet service at Sthlm Tech Fest conference.



Sweden-based bitcoin exchange Safello released its new bitcoin wallet service. The company will leverage Blockchain’s API, although its wallet service will build upon Blockchain‘s basic offering. It will allow users to easily find other users with whom they’ve earlier transacted.

The announcement was made at a panel session at Sthlm Tech Fest, a conference that gathered leaders in the payments industry, including Stripe, iZettle, as well as bitcoin companies Safello, Blockchain and KnCMiner.

Safello decided not to make an official press release. Still, the news spread quickly on Reddit, what shows the high demand for the service, according to CEO Frank Schuil.

Speaking to CoinDesk, he said that the users may need to wait for some time, because not all the requests from the users will be approached now. He added: “We anticipate to slowly let users in during this month or next month.”

Safello described its wallet service as “so easy that even your mom could use it” and added that it aims at avoiding the most common issues associated with bitcoin wallets. The wallet will integrate common digital address books features that will provide a simple way for users to search for friends.

The timeline displays all realized transactions. Given the use of verified accounts, bitcoin addresses are substituted by names of the users, their photos and comments. The wallet history is visualized in the form similar to social timelines of Facebook and Twitter.

In order to increase security, the Safello wallet utilizes verified accounts. This feature enables user to confirm that addresses to which they send bitcoin.

In addition, the wallet does not hold any keys, as it creates wallets using Blockchain’s API.

The news were released at 11:10 BST during the panel session at the conference.

Nicolas Cary, CEO of Blockchain, and KnCMiner co-founder Sam Cole, whose company raised $14 million as part of a Series A funding round on Septemer 4th.

Besides, the panel featured Erik Olofsson from Creandum. The venture capital company, with headquarters in Sweden, led the most recent funding round of KnCMiner and was moderated by Sean Percival, venture partner at 500 Startups.

Safello was launched in April with an aim to become the “Coinbase of Europe“. Taking part in the conference is a huge milestone for the firm. The announcement was made after the company raised $600,000 in funding round in February, which was led by Nicolas Cary from Blockchain and bitcoin entrepreneurs Roger Ver and Erik Voorhees.

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