SafePal, a leading provider of crypto hardware wallets, has announced a strategic investment in Swiss bank Fiat24, heralding a groundbreaking venture into the banking sector. This partnership aims to offer users a seamless pathway to utilize digital assets for daily expenses and facilitate fund transfers to compliant banks.
The collaboration has led to the launch of a crypto-centric Visa card and in-app banking services, with the dollar-pegged stablecoin USD Coin (USDC) as the primary deposit currency. Through SafePal’s mobile wallet app, users can seamlessly convert their coin holdings into USDC via Arbitrum. The stored USDC can then be utilized in transactions and expenses, supporting currencies such as USD, EUR, and CHF.
Users can establish individually owned, fully compliant bank accounts after completing KYC procedures and onboarding facilitated by Fiat24, all within the SafePal mobile wallet app, and without incurring any account creation or management fees.
Veronica Wong, CEO and co-founder of SafePal, emphasized the importance of accessibility in addressing the challenges crypto users face. She highlighted this move as a significant step towards providing a truly crypto-friendly banking experience, eliminating the excessive scrutiny and restrictions often imposed by traditional banks.
Bank account credentials created within the SafePal mobile wallet are minted as NFTs on Arbitrum, ensuring secure and transparent on-chain transactions. The crypto Visa cards are seamlessly integrated with third-party payment platforms like PayPal, Google Pay, Apple Pay, and Samsung Pay.
The Visa card rollout will initially be available in select European regions and eventually expand across the continent. The in-app banking gateway, however, will be accessible outside the United States and to all non-U.S. sanctioned countries, offering a comprehensive banking solution tailored to the evolving needs of crypto enthusiasts worldwide.
