Jai Sahu
SafePal, a provider of crypto hardware wallets, has strategically invested in Swiss bank Fiat24, aiming to offer users a banking gateway for digital asset payments and compliant fund transfers.
This collaboration aims to expedite the integration of cryptocurrency into everyday transactions. Users can create individual, fully compliant bank accounts and utilize the USD Coin (USDC) stablecoin as the primary deposit currency.
SafePal and Fiat24 Introduce Crypto-Focused Visa Cards and In-App Banking Services
Unlock crypto-friendly living via @arbitrum with the #SafePal banking gateway & #Visa card powered by @Fiat24Account!🔥
Enjoy banking with affordable gas fees & fast network speeds!
💳Get started: https://t.co/1ETXNKHqb0
🏦Learn more: https://t.co/3tWkFLQJfz pic.twitter.com/ymbDBEUS5w— SafePal – Crypto Wallet (@iSafePal) March 7, 2024
In an announcement on March 7, SafePal and Fiat24 unveiled a crypto-focused Visa card and in-app banking services. Users can obtain USDC by swapping their cryptocurrencies via Arbitrum and then convert them into USD, EUR, and CHF for transactions.
Within the SafePal mobile wallet app, users can establish fully compliant bank accounts after completing KYC verification conducted by Fiat24, without facing any account creation or management fees.
Moreover, users can swap cryptocurrencies across more than 40 blockchains into their bank accounts and use fiat currencies like USD, EUR, or CHF for transactions and expenses. This feature will be available on SafePal mobile wallet version 4.5.0, subject to approval from Apple’s App Store and Google Play.
Veronica Wong, CEO and co-founder of SafePal, highlighted the importance of addressing accessibility issues in crypto adoption. She stated that this initiative would provide retail users with a genuinely crypto-friendly banking experience, removing the excessive scrutiny and restrictions from traditional banks.
“This will be the first truly crypto-friendly banking experience for retail users that eliminates the excessive scrutiny and restriction of traditional banks, as the accounts created via the mobile wallet will support transfers to accounts in other banks under their name in a seamless and compliant manner.”
SafePal’s SFP Token Rises 1.3% as Decentralized Wallets Gain Popularity
Upon creation, the bank account credentials in the SafePal mobile wallet are minted as NFTs on Arbitrum, ensuring transparent and secure recording of all transactions on-chain.
Additionally, the crypto Visa cards issued through this partnership are compatible with third-party payment platforms such as Paypal, Google Pay, Apple Pay, and Samsung Pay, enhancing user convenience. Initially, the Visa card will be available in selected European regions before expanding across the continent. The in-app banking gateway will be accessible outside the United States and to all non-U.S.-sanctioned countries.
Data from CoinGecko indicates that SafePal’s SFP tokens have risen by 1.3% in the past 24 hours. SafePal currently serves as a self-custody wallet and claims to have approximately 10 million users worldwide.
Following the crypto winter of 2021-2022, SafePal’s CEO, Veronica Wong, emphasized the importance of decentralized solutions. She stated that the malpractice of centralized platforms has accelerated the adoption of self-custody solutions, which should not be a temporary trend but a significant driver for asset self-management adoption.
The surge in popularity of self-custody wallets has been evident since the downfall of centralized finance entities like FTX and Celsius. Major players like Jack Dorsey’s Block and cross-chain wallet BitKeep have made significant strides in this space, reflecting the growing demand for decentralized asset management solutions.