Safello launches proof of reserves
Stockholm, 18 November 2022 | Today Sweden’s leading crypto broker Safello launches a proof of reserves page that displays the company’s holdings of cryptocurrencies held on behalf of customers. The page includes links and addresses to Safello’s wallets on the blockchain to independently verify the balances. By increasing the transparency customers can feel safe that all funds are securely stored within Safello’s custody.
Safello is the first Nordic crypto exchange to take measures to increase the transparency level with a public proof of reserves page, in response to the recent turbulence in the crypto market caused by the exchange FTX. With Safello, the ownership of customer funds in custody always remains with the customer. Customer funds are treated as escrow funds and are kept separate from Safello’s funds, which protects the customers. Earlier this year Safello passed an AML audit conducted by the Swedish Financial Supervisory Authority and with the proof of reserves page customers will get another validation that their funds are secure with Safello.
“We believe in transparency and customer protection. Bad actors erode trust and setback the industry. We have been educating our users, the regulators and the finance sector to support adoption and financial freedom. We will continue to do so and lead by example as the safe fellow into the crypto economy,” says Frank Schuil, CEO and co-founder of Safello.
Safello’s proof of reserves page can be viewed here.
###
For more information, please contact
Evelina Appelskog, Marketing & PR Manager, evelina.appelskog@safello.com
Certified Adviser
Amudova AB is Safello’s certified adviser. Phone +46 8 546 017 58. E-mail: info@amudova.se
Safello is Sweden’s leading online cryptocurrency brokerage with the goal to make crypto accessible to everyone. Safello offers a secure way to buy, sell and store crypto in seamless transactions at industry-leading speeds. Operating in Sweden, Safello has been registered as a financial institution with Finansinspektionen (Swedish Financial Supervisory Authority) since 2013 and is listed at Nasdaq First North Growth Market since 2021. For more information visit www.safello.com.