Safello onboards Quantum Leben as its first institutional client and launches Institutional Custody Services
Stockholm, 5 December 2022 | Today, Sweden’s leading crypto broker Safello launches its Institutional Custody Services and onboards the first financial institution, Quantum Leben AG, to the platform. In connection with the launch, Safello is introducing a new fee structure applicable to the service. The onboarding of Quantum Leben is a first strategic step to cater for a new type of clients and enable new revenue streams.
Safello AB (a wholly owned subsidiary to Safello Group AB) enters into cryptocurrency brokerage and custody service agreement with the Liechtenstein based insurance company Quantum Leben AG who is operating within the segment of life insurances in the Swedish market. Quantum Leben has 5 billion sek in assets under management and operates all across Europe, with a strong focus on the Netherlands and Sweden. Quantum Leben will offer the possibility for policyholders to invest in cryptocurrency in the course of its life insurance and has chosen to use Safello as their crypto service provider.
In combination with the onboarding of Quantum Leben, Safello is launching its Institutional Custody Services, a strategic offering of cryptocurrency brokerage and custody services to financial institutions, where asset managers, banks and other financial institutions can complement their offering in traditional financial products or build new, disruptive products.
Safello introduces a custody fee for the crypto assets held within the Institutional Custody Service and lowers the trading fees for such clients in order for the Institutional Custody Service clients to be able to build an attractive product offering to their end users.
The agreement with Quantum Leben does not imply any volume undertakings and hence the financial impact for Safello cannot be assessed at this stage.
“The onboarding of Quantum Leben and launch of our institutional custody offering expands the types of clients Safello serves from retail and SMEs to institutions. In light of the upcoming MiCA regulation, we believe the demand for this service will accelerate. And with the introduction of a custody fee for our institutional custody services, we introduce a new business model that is independent of the volatility of the crypto market. This increases the predictability of our revenue and diversifies our income streams,” says Frank Schuil, CEO and co-founder of Safello.
###
This information is such that Safello Group AB is required to disclose in accordance with the EU Market Abuse Regulation. The information was provided by the contact person below, for publication on 5 December 2022.
For more information, please contact
Johan Edin, CFO, ir@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.