Safello was able to contribute by enhancing transparency, accountability and traceability into the previously opaque cryptocurrency world and to show government agencies that compliance requirements and cryptocurrencies are not a contradiction in terms. When the Covid-19 crisis arose, it mattered that the firm was based in Sweden, a near-cashless society where the overwhelming majority of commercial transactions are digital. As an example of the country’s openness to change, the National Bank of Sweden, Riksbanken, recently tasked Accenture with developing a technical solution for an e-krona, a trial digital currency project.
For Frank, another criterion for establishing Safello in Stockholm was the access to talented programmers from the financial sector who understand and thrive on the complex challenges posed by blockchain development.
When developing the venture, Frank found the regulators to be constructive – they asked relevant questions and showed a high level of understanding for this emerging industry. The Swedish culture of consensus and the willingness for dialogue was crucial to finding solutions that would work well for both regulators and startups.
“Innovating isn’t easy and all startups that are working on establishing new paradigms will know how hard it can be to work with regulators while driving product innovation. However, the willingness of the Swedish regulators as well as the Riksbank to take the development of blockchain technology seriously make Sweden one of the best places for digital currency startups to be based at”.
As with many FinTech founders, Frank’s decision to relocate to Stockholm was taken together with his family. Sweden’s excellent universal healthcare system and generous paternity and maternity leave of more than 480 days were just some of the deciding factors.