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SafePal is investing in a Swiss bank to make banking services available to cryptocurrency users.

The collaboration could boost confidence in cryptocurrencies by making it easier to use traditional banking services in conjunction with modern blockchain technologies.

Date: 2024-03-08 Author: Marek Stiller
SafePal is investing in a Swiss bank to make banking services available to cryptocurrency users.

Cryptocurrency hardware wallet provider SafePal has strategically invested in Swiss bank Fiat24. The goal of this investment was to provide users with a banking gateway that allows them to pay with digital assets and transfer funds to their respective banks.

The goal of the new proposal is to accelerate the connection between cryptocurrencies and tools used in the real world. Users can use stablecoin USDC as a deposit currency and create their own fully compliant bank accounts.

SafePal and Fiat24 launch cryptocurrency-based Visa cards and in-app banking services

According to the announcement, which was made on March 7, SafePal and Fiat24 have partnered to bring a cryptocurrency-based Visa card and banking services to the app. Users can purchase USD Coin (USDC), the default deposit currency for these services, using Arbitrum by exchanging their coins. USDC can then be converted into USD, EUR and CHF for transactions and expenses.

After completing the onboarding and KYC process conducted by Fiat24, users can set up their own fully compliant bank accounts on the SafePal mobile wallet app, without paying for account set-up or account management.

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In addition, users can use fiat currencies such as the U.S. dollar, euro or Swiss franc for transactions and spending, and exchange cryptocurrencies on more than forty blockchains for their bank accounts. Pending approval by the Apple App Store and Google Play, the feature will be available in SafePal mobile wallet version 4.5.0.

SafePal CEO and co-founder Veronica Wong stressed the importance of addressing cryptocurrency users’ accessibility issues to improve implementation and adoption. Wong said the initiative will remove excessive controls and restrictions imposed by traditional banks and provide retail users with the first truly cryptocurrency-friendly banking experience.

SFP SafePal token grows 1.3% as decentralized wallets gain popularity

Bank account credentials are generated as NFTs on Arbitrum, an Ethereum Layer 2 bulk package, after being created in the SafePal mobile wallet. This enables secure and transparent recording of all related transactions in the chain.

In addition, Visa crypto cards issued under this partnership are compatible with third-party payment platforms such as PayPal, Google Pay, Apple Pay and Samsung Pay, enhancing the user experience. Initially, the Visa card will be available in selected countries in Europe before being expanded to the entire continent. At the same time, the app will be able to use the banking platform in all countries that are not sanctioned by the United States.

According to CoinGecko data, SafePal’s SFP tokens have risen 1.3% in the last 24 hours. SafePal claims to have around 10 million users worldwide and currently serves as a self-managed wallet.

Since the demise of centralized financial firms such as FTX and Celsius, self-service wallets have seen a rise in popularity. Major players in the field, such as Jack Dorsey’s Block and cross-chain wallet BitKeep, have made great strides to meet the growing demand for decentralized asset management solutions.

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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