Safello is crowdfunding $293K to bring identity to the blockchain

Safello is crowdfunding $293K to bring identity to the blockchain

Swedish bitcoin exchange and services provider Safello has launched a new crowdfunding campaign with the goal of raising $293K USD ($263K Euro) to help bring identity to their platform.

The new campaign has been added to the FundedByMe.com equity crowdfunding website, which allows entrepreneurs and startups to raise funds directly from interested investors.

Safello’s pitch is that they are “building the bank of the future on top of blockchain technology.” Just how do they plan on doing this? As we previously wrote, Safello is attempting to reinvent their service by adding identity as a layer on top of the bitcoin blockchain creating an easier to understand experience that more people are accustomed to; think of Facebook for your bitcoin wallet.

In a new Medium post by Safello CEO and founder Frank Schuil, he said there have been many roads traveled in order to bring adoption to bitcoin, but to date none have been extremely successful. However, in looking at past experiences with other successful companies such as Spotify, Schuil says that the key to success for them is being social. And mixing social with finance is a delicate balance, but companies such as Venmo have been able to find that sweet spot. Safello plans to do the same with social identities.

As Schuil points out when speaking about the success of Venmo, he referenced that the typical Venmo user opens the app four-to-five times per week, but not to make payments. “They are just seeing what their friends are doing,” he noted.

“There it is. Users opening up the Venmo app not to make payments nor to check their balance or see where they are with their budget. No, Venmo users open up their app four-to-five times per week just to see what their friends are up to,” said Schuil.

Whether or not Safello finds the secret to their success through identity is yet to be seen. So far in their new fundraising campaign, they have raised $201K USD (68% of their total goal to date). There are 52 investors with 37 days left of the campaign.