USDC

Arbitrum

<p>Singaporean crypto wallet provider SafePal has announced a strategic investment in Swiss bank Fiat24, together with the launch of a number of financial services. The partnership is a significant milestone in bridging the gap between the crypto world and real-world financial utilities.</p><h2 id="header-0">Visa card and in-app banking</h2><p>The company outlined in a <a href="https://blog.safepal.com/safepal-launches-1st-crypto-friendly-banking-gateway-and-visa-card/" rel="noopener noreferrer nofollow">blog post</a> on March 7 that the centerpiece of this collaboration is the introduction of a crypto-focused Visa card and in-app banking services, both designed to streamline the integration of digital assets into everyday transactions. The default deposit currency for these services is the dollar-pegged stablecoin USD Coin (USDC), providing users with a stable foundation for their financial activities.</p><p>Through the SafePal mobile wallet app, users can convert their cryptocurrency holdings into USDC via Ethereum layer two scaling network Arbitrum, making for an efficient and reliable process. Once converted, the USDC can be stored in multiple fiat currencies, including USD, EUR and CHF, enabling seamless utilization in various transactions and expenses.</p><h2 id="header-1">Enabling Swiss bank account access</h2><p>One of the standout aspects of this initiative is the opportunity for users to establish individually owned, fully compliant bank accounts directly within the SafePal mobile wallet app. By completing the necessary know-your-customer (KYC) and onboarding procedures through Fiat24.</p><p>Opening such bank accounts will be free, with no account creation or annual management fees being applied. However, transfer and deposit fees will be applied starting from a base rate of 0.6%. The project believes that the integration of NFT technology on Arbitrum will ensure the security and transparency of all related transactions.</p><p>Veronica Wong, CEO and co-founder of SafePal, emphasized the importance of addressing the accessibility challenges faced by crypto users in a <a href="https://www.coindesk.com/business/2024/03/07/crypto-wallet-safepal-ventures-into-banking-with-new-usdc-visa-card/" rel="noopener noreferrer nofollow">communication</a> with CoinDesk. She highlighted the significance of providing a crypto-friendly banking experience that eliminates the hurdles imposed by traditional financial institutions.</p><h2 id="header-2">Additional payment platform partnerships</h2><p>In addition to the crypto Visa cards, SafePal has forged partnerships with leading payment platforms such as Paypal, Google Pay, Apple Pay and Samsung Pay, expanding the usability and convenience of its services.</p><p>While the Visa card will initially be available in select European regions, plans are underway for its gradual expansion across the continent. Similarly, the in-app banking gateway will cater to users outside the United States and in non-U.S. sanctioned countries, fostering greater accessibility on a global scale.</p><p>Working towards market growth through a partnership strategy is a route that SafePal has taken in the past. In May 2023 the company attempted to make further inroads into the Korean market by <a href="https://coinnesslive.page.link/Pmtj6NANejU9FSsz8" rel="noopener noreferrer nofollow">partnering</a> with South Korean enterprise blockchain project Klaytn. In that instance, the wallet provider added support for digital assets that run on the Klaytn network via its mobile app, hardware wallet and browser extension-based wallet.</p><p>In light of these developments, SafePal&#39;s SFP tokens have experienced a modest increase in value. At the time of writing, the token unit price stood at $0.8026, representing a 4.62% increase over the course of the past 24 hours.</p>

SafePal invests in & partners with Switzerland’s Fiat24

Table of Contents

CoinNess Global

Other articles published on Mar 8, 2024

Binance Labs Invests in Seven Startups for Its Sixth Season

Notcoin Announces NFT Vouchers for High-Level Players to Trade Upcoming Token

Coinbase Bond Bounces Back On Bitcoin Rally, While SEC Delays Key ETF Feature

Ethereum Fees Hit 2-Year High, Here's Major Driver

Binance Labs Announced the Latest Four Cryptocurrency Projects It Invested In!

Bitcoin: An Uncertain Future for BlackRock’s Bitcoin ETF Options

Join our free newsletter for daily crypto updates!