The examination of a potential partnership between Avanza and Safello regarding crypto assets is canceled by Avanza
Stockholm, 16 June 2022 | On 14 March 2022 Safello AB (a wholly owned subsidiary of Safello Group AB) and Avanza Bank AB (a wholly owned subsidiary to Avanza Bank Holding AB) entered into a Letter of Intent (LOI) regarding a potential partnership relating to cryptocurrency services. The ambition with the LOI was to examine a potential partnership regarding distribution of Safello’s cryptocurrency services via Avanza’s platform. Safello has now been informed by Avanza that Avanza has decided to cancel the process. The reason for the termination is that awaiting further regulation the cryptocurrency market is currently not sufficiently regulated for Avanza to offer direct investments in crypto assets via Avanza’s platform and the examination has therefore been canceled pending clearer regulation for the crypto market.
“It has overall been a fruitful process exploring this route with Avanza and it has helped us gain valuable insights about crypto adoption by Swedish banks. We hope to be able to serve Avanza’s clients with crypto services in the not too distant future, once MiCA regulation, which will be the stepping stone for some financial institutions, is in place. We do remain positive to be a bridge to the crypto ecosystem for financial institutions that are ready to enter this space. The maturity of internal governance models in relation to crypto assets and commercial viability will be leading in the assessment of potential partnerships,” says Frank Schuil, CEO and co-founder of Safello.
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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 16 June 2022.
For more information, please contact
Johan Edin, CFO, ir@safello.com
Certified Adviser
Corpura Fondkommission AB, info@corpura.se, +46 722 52 34 51
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.