Safello Announces Social Media-Inspired Bitcoin Wallet

Safello is now allowing users to request invitations to its newly launched bitcoin wallet service.

For the release, the Sweden-based bitcoin services company will leverage Blockchain's API, though its wallet service will build upon Blockchain's basic offering, adding an additional social layer that will allow users to easily search for other users with whom they've previously transacted.

The news was released during a panel session at Sthlm Tech Fest, a Sweden-based conference featuring top talent from the payments world such as Stripe and iZettle alongside bitcoin companies such as Safello, Blockchain and KnCMiner.

Safello chose to take a decidedly under-the-radar approach to the release, opting against issuing a formal press release. However, news of the new service quickly found its way to Reddit, an event that CEO Frank Schuil cited as evidence of the demand for the service.

Schuil told CoinDesk that users may need to be patient, as not all requests to access the service will be immediately approach. He said:

"We anticipate to slowly let users in during this month or next month."

Emphasizing ease of use

Safello framed its wallet service as one that aims to eliminate some of the more common pain points associated with bitcoin wallets, branding it as "so easy that even your mom could use it". Notably, Safello's wallet will incorporate features common to digital address books, allowing users to easily search for friends.

All transactions can be viewed in a timeline and if verified accounts are being used, bitcoin addresses will be replaced by user names, photos and comments. The end result is Safello's wallet history being visualized more in the style of the social timelines that Facebook and Twitter users have grown accustomed to.

The Safello wallet also uses verified accounts to bolster security, a feature that allows users to confirm that the addresses to which they send bitcoin are the intended recipients.

Additionally, Safello does not store any private keys at all, as the wallet uses Blockchain’s API to create wallets.

Safello gains market momentum

The announcement was made at roughly 11:10 BST during a lunch panel session at the conference.

Speakers for the panel included Blockchain CEO Nicolas Cary and KnCMiner co-founder Sam Cole, whose bitcoin mining company raised $14m in Series A funding on 4th September.

The panel also include Erik Olofsson of Creandum, the Sweden-based venture capital firm that lead KnCMiner's most recent funding round, and was moderated by 500 Startups venture partner Sean Percival.

The inclusion at the conference is the latest milestone for Safello, which launched in April to become the "Coinbase of Europe". That announcement was proceeded by the company's $600,000 funding round in February, a round led by Blockchain's Nicolas Cary and bitcoin luminaries Erik Voorhees and Roger Ver.

Images via Safello and Shutterstock