SafePal Partners with Fiat24 to Offer Crypto-Focused Visa Cards and In-App Banking Services
SafePal, a leading crypto hardware wallet provider, has made a strategic investment in Swiss bank Fiat24. This partnership aims to provide users with a banking gateway that allows them to pay for expenses using digital assets and transfer funds to compliant banks. Here are the key points of this collaboration:
- SafePal and Fiat24 have introduced a crypto-focused Visa card and in-app banking services.
- The default deposit currency for these services is the dollar-pegged stablecoin USD Coin (USDC).
- Users can create individually owned, fully compliant bank accounts within the SafePal mobile wallet app.
- They can swap crypto across more than 40 blockchains into their bank accounts and use fiat currencies like USD, EUR, or CHF for transactions.
- The feature will be available on SafePal mobile wallet version 4.5.0 pending approval from Appleโs App Store and Google Play.
Enhancing Accessibility and Adoption of Crypto
Veronica Wong, CEO and co-founder of SafePal, emphasized the importance of addressing accessibility issues faced by crypto users to enhance onboarding and adoption. Wong stated that this initiative would offer the first genuinely crypto-friendly banking experience for retail users, eliminating excessive scrutiny and restrictions imposed by traditional banks.
โThis 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.โ
Minting Bank Account Credentials as NFTs on Arbitrum
Upon creation, the bank account credentials in the SafePal mobile wallet are minted as NFTs on Arbitrum, an Ethereum Layer 2 rollup. This ensures transparent and secure recording of all related transactions on-chain. Additionally:
- The crypto Visa cards issued through this partnership are compatible with third-party payment platforms like Paypal, Google Pay, Apple Pay, and Samsung Pay.
- The Visa card will initially be available in selected European regions before expanding to the rest of the continent.
- The in-app banking gateway will be accessible outside the United States and to all non-U.S.-sanctioned countries.
Rise in Popularity of Self-Custody Wallets
SafePalโs SFP tokens have seen a 1.3% increase in the past 24 hours. SafePal currently serves as a self-custody wallet with approximately 10 million users worldwide. Veronica Wong, CEO of SafePal, highlighted the importance of decentralized solutions following the crypto winter of 2021-2022. She stated that the malpractice of centralized platforms has accelerated the adoption of self-custody solutions and should serve as a key impetus to strengthen the adoption of self-management for assets.
The rise in popularity of self-custody wallets can be attributed to the collapse of centralized finance entities such as FTX and Celsius. Major players like Jack Dorseyโs Block and cross-chain wallet BitKeep have also made significant strides in this space, reflecting the growing demand for decentralized asset management solutions.
Hot Take: Expanding Crypto-Friendly Banking Services
SafePalโs partnership with Fiat24 marks an important milestone in bridging the gap between crypto and traditional banking services. By offering crypto-focused Visa cards and in-app banking services, SafePal aims to provide users with a seamless and compliant banking experience. This collaboration not only enhances accessibility for crypto users but also promotes the adoption of self-custody solutions. As the popularity of decentralized asset management continues to grow, we can expect more innovative partnerships and solutions that cater to the needs of crypto enthusiasts.
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