Sweden's Safello announces payment deal with 86 European banks in 11 countries

In a deal announced today, Swedish Swedish bitcoin exchange Safello will now officially support transactions with 86 banks in 11 countries across Europe. The development is largely due to Safello’s recent adoption of the SOFORT payment system, which allows near-instant international money transfers. Safello customers will no longer need to rely on the tediously slow wire transfer system to purchase bitcoins. Additionally, Safello is integrated with Dutch payment system iDEAL and SEPA (Single Euro Payments Area) payment systems.

By adding SOFORT support, Safello now has direct banking access and instant payments in an impressive list of countries: Germany, France, Austria, Belgium, Poland, Spain, Hungary, the Netherlands, Sweden, Italy and Switzerland. These countries make up the bulk of Europe’s economic force, with the only large regional economy not part of the deal being the U.K.

In February, Safello received $600,000 in venture capital investment from Erik Voorhees, Roger Ver and Nicolas Cary. Aiming to become the “Coinbase for Europe,” Safello’s rapid rise may soon allow it to eclipse its well-funded U.S. rival.

With most countries in the SOFORT block still undecided on bitcoin policy, however, much remains to be seen about Safello’s long-term success. Tax rules, exchange regulation and other related bitcoin concerns are likely to become priorities in E.U. member countries later this year.