On 14 March 2022, Avanza Bank AB, a wholly owned subsidiary of Avanza Bank Holding AB (publ), entered into a Letter of Intent (LOI) regarding a potential partnership concerning trading in crypto assets with Safello AB, a wholly owned subsidiary of Safello Group AB. The ambition of the LOI was to examine a potential partnership for distribution of Safello’s services for crypto assets via Avanza’s platform. Avanza has decided to currently cancel the process.
The cryptocurrency market is so far unregulated and Avanza has after a thorough investigation come to the conclusion to currently cancel the examination of a potential offer of direct investments in crypto assets via Avanza’s platform. The examination has been cancelled pending clearer regulation for the crypto market.
“Our ambition with the LOI was to examine the possibility to offer trading in crypto assets in an informed and responsible way together with Safello. We have had a constructive and good dialogue with Safello, and have gotten a very good impression of their operations during our work. However, when investigating the prerequisites we have found that we want to wait with a potential offer of direct trading in crypto assets”, says Rikard Josefson, CEO of Avanza.
Avanza is a digital platform for savings and investments, founded in 1999. The Parent Company, Avanza Bank Holding AB (publ), is listed on the Stockholm Stock Exchange. Avanza’s customer promise is a better return on your savings than with any other bank or pension provider in Sweden. Services include saving in shares, funds, savings accounts, mortgages, and a strong pension offering. Avanza has over 1.7 million customers with over SEK 700 billion in total savings capital. This is equivalent to 6.7 per cent of the Swedish savings market. Avanza is largest in terms of number of transactions among Swedish banks on the Stockholm Stock Exchange. During the last twelve years Avanza has won SKI’s (Swedish Quality Index) award, “Year’s Most Satisfied Savings Customers”. For more information visit: avanza.se/ir