Swedish crypto brokerage Safello launched a pilot version of its crypto checkout solution. It allows businesses to offer their end customers the ability to buy and transfer crypto-assets without leaving an existing customer flow.
The service is provided in accordance with European crypto laws. Safello is authorised as a crypto-asset service provider (CASP) under the EU’s Markets in Crypto-Assets Regulation (MiCA). Since the regulation came into force, the company has observed growing demand for such solutions that allow customers access crypto through third-party regulated platforms.
The crypto checkout uses Safello’s existing infrastructure. Customers complete Safello’s standard know-your-customer (KYC) process, purchase crypto assets and transfer them within a single flow.
Businesses can integrate the solution through Safello’s API without having to develop their own crypto-asset infrastructure.
What Is Crypto Checkout?
A crypto checkout is an embedded payment and purchase tool. It lets customers buy digital assets directly within a website or app, not being redirected to a separate crypto platform.
Pilot Launches in Sweden
Safello is working with an external partner on an initial pilot and integration on its own platform, bitcoin.se.
Though the crypto exchange has also recently expanded to Finland, the checkout pilot will initially focus on the Swedish market only. In the pilot phase, the platform will collect data on transaction volumes, conversion rates and customer behaviour. Safello will use these findings to assess whether to develop the service further and expand its availability.
Safello Sees Crypto Checkout as a New Customer Acquisition Channel
Safello CEO Frank Schuil said the new service builds on the company’s earlier experience with embedded crypto solutions.
“In 2018 Safello first launched a widget to serve as an acquisition channel for its own platform. This resulted in the fastest growth in the company’s history. The crypto checkout is the next evolution of this product within the MiCA regulatory landscape. In a saturated retail market we believe this can lower our user acquisition cost significantly.”
Financial Impact Remains Uncertain
Safello said it is too early to estimate the financial impact of the crypto checkout launch.
The pilot uses the company’s existing licensed infrastructure, which is expected to keep initial costs limited. But any revenue generated by the service will depend on the number of integrations, transaction volumes and conversion rates.
Sweden’s Crypto Market
Sweden has a relatively established crypto user base, with around 550,000 people, or 7% of Swedish adults involved in crypto ownership or trading, according to data cited by Stripe from EY.
However, crypto remains a relatively niche payment method in Sweden. Most cryptocurrency activity there is focused on holding and trading crypto-assets rather than everyday purchases.
