After concluding a successful crowdfunding campaign through FundedByMe, which included participation from more than 150 investors and raised more than $ 700,000, Safello wanted to minimize asynchronous communication and keep its new stakeholders involved in the business, Safello CEO Frank Schuil told this publication. The key has been to track statistics which shed light on the company’s progress and to regularly share that information with investors, he said. Along with tracking monthly business growth, Safello also tracks user growth and volume. Volume is particularly interesting, as the company can correlate volume with overall Bitcoin performance to see if Safello is progressing faster than the overall market, he explained.
The ATM was exhibited on March 26 at the Stockholm STHLM TECH Meetup, where it successfully converted cash into bitcoin. For now, the machine sits at Safello headquarters while the company puts the final touches on its service, but the company expects the ATM to have a permanent home soon, Safello CEO Frank Schuil told this news site. "We are in talks with a large shopping center in the center of Stockholm, our goal is to cooperate with them for the first automatic deployment," Schuil explained. Safello will operate the ATM, while Ludvig Oberg, a 19-year-old bitcoin entrepreneur and Safello investor, will own the machine. Oberg and Safello will share the proceeds, Schuil said. Not just anyone can use Safello’s ATM. Swedish authorities require extensive KYC (know your customer) rules to be followed to purchase bitcoin, and prospective ATM users first must answer a series of questions on Safello's website to verify their identity, Schuil explained. Safello's ATM was manufactured by Singapore-based Lamassu and cost $5000 to build, Schuil said. Lamassu’s ATMs have been delivered to more than 13 cities worldwide. It sold its first ATM in October. Like Lamassu, Safello is moving fast, Schuli noted, as the company only started to promote its bitcoin ATM in November. Schuil hopes Sweden's first bitcoin ATM will be a hit. He is optimistic as other bitcoin ATMs have had temendous success, and are even helping bitcoin ownership go mainstream. The first Canadian bitcoin ATM, located in a Vancouver coffee shop, collected over a million dollars in deposits in its first month, the executive noted. That ATM was developed by Robocoin, a US-based startup, Schuil said.