Sweden-based bitcoin exchange Safello has announced a new partnership with payments validation and ID verification service provider Jumio in an effort to simplify its customer onboarding process.
Launched in March, Jumio’s Bitcoin Identity Security Open Network (BISON) provides consumers the ability to verify their identity by holding an ID in front of a camera or connected device. Data can then be extracted in real-time and used to quickly populate necessary enrollment forms.
Frank Schuil, CEO and co-founder of Safello, explained that the partnership will allow the exchange to better cater to consumers who want to buy or sell bitcoins quickly in the 11 countries it now serves, saying:
“We have optimised our platform for the quickest turnaround time as we don’t require such initial deposits, but instead execute the trade directly to the market.”
Schuil framed the new service as one that gives the bitcoin exchange an important value-add at a time when popular peer-to-peer exchanges have cumbersome deposit requirements.
With the news, Safello becomes one of the more notable bitcoin companies using Jumio’s BISON technology, joining a list that includes Canadian ATM provider BitAccess and digital currency trading platform CoinMkt.
Eye on Europe
Sara Lindqvist, Safello’s compliance officer, is enthusiastic about the partnership, noting that it will allow the company to better serve members of the European bitcoin community.
Lindqvist explained how Safello introduced a Mobile Bank ID verification method earlier this year, but that this upgrade was limited to the exchange’s Swedish customers:
“[Mobile Bank ID verification] significantly improved the conversion rate and our customers loved it. We set out to find an equally reliable and compliant solution for the rest of Europe and found Jumio to fit all of our requirements.”
Launched in July 2013, Safello has set its sights high with a number of ambitious announcements, raising $600,000 in funding in February and proclaiming in April that it intends to become “CoinBase for Europe”, comparing its efforts to the widely used US wallet and exchange.
Safello has also been active in other segments of the bitcoin industry – for example, in December, the company launched the first bitcoin ATM in Sweden.
The company’s CEO, also notably ran as a candidate in the most recent Bitcoin Foundation board member election, though he did not proceed to the final round of voting.
Identification image via Shutterstock
Disclosure Read More
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.