Swedish Bitcoin Exchange Safello raises €437,000

I wonder how much of this investment cash they're going to hold in Bitcoin? Stockholm-based Safello, a Bitcoin reseller, has reportedly received $600,000 (€437,000) by several Angels and bitcoin enthusiasts, including Erik Voorhees, Roger Ver, Nicolas Cary, and Victor & Victor, TechCrunch reports.

For their Bitcoin exchange Safello focuses on transparency and trust, benefiting from the fact that they're based in Sweden. Last fall, CEO Frank Schuil pointed out to ArcticStartup that to use Mt Gox, which is based in Japan, and is transmitting your money to a bank account in Poland, you just deal with one company in one place. Additionally Safello has established a corporate account at a major Swedish bank, and have registered themselves with the Financial Supervisory Authority in Sweden.

The company was founded in July of 2012, and announced Stockholm's first bitcoin ATM at last December's STHLM tech meetup. It sounds like currently the ATM is in their office, but they're looking for more suitable high-traffic locations.

That's sort of a gimmick, but the company is focused on European expansion. Currently their platform is available in Swedish, English, and Dutch.

Interested in more bitcoin investment trends? Stockholm-based Creandum has been tracking institutional investments into Bitcoin startups using this open database, here. You can read more about why Creandum put together this database on their blog.

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