SafePal Moves to Crypto Banking with USDC Visa Card and In-App Banking

SafePal, the renowned hardware wallet provider for cryptocurrency, has recently made a significant move in crypto banking. Through a strategic partnership with Swiss bank Fiat24, SafePal is offering users a unique suite of features designed for bridging the gap between the worlds of crypto and traditional finance. Here is a look into the details of this partnership and its likely impact on the crypto landscape.

USDC Stablecoin and In-App Banking Gateway 

The central element of this collaboration is the introduction of an in-app banking gateway within the SafePal mobile wallet app. This gateway allows users to convert their various crypto holdings into USDC. This USDC can then be further converted and stored in conventional fiat currencies like EUR, USD, or CHF, making it readily available for everyday spending.

The in-app banking gateway eliminates a major hurdle for crypto users – the need to navigate between separate crypto exchanges and traditional bank accounts. With SafePal’s new offering, users can manage both their crypto and traditional finances in a single, convenient location.

Compliant Bank Accounts and Secure Transactions

The partnership offers another groundbreaking feature- the ability of setting up a completely compliant Swiss bank account directly in the SafePal application. This eliminates the need for a separate bank application and hence the associated fee, thereby simplifying the onboarding process for users.

Furthermore, these bank accounts offer a unique security feature. Upon account creation, the credentials are minted in form of NFTs (Non-Fungible Tokens) on the Arbitrum blockchains. NFTs are digital certificates of ownership recorded on a secure public ledger, ensuring all transactions are recorded permanently in a transparent and immutable manner. This technology offers an additional layer of security and peace of mind for users.

Spending Crypto on the Go- USDC Visa Card

Besides the in-app banking features, SafePal is also introducing co-branded crypto Visa cards. These cards allow users to directly spend their crypto holdings at millions of merchants worldwide that accept Visa payments. The cards offer added convenience by linking to popular digital payment platforms like Google Pay, PayPal, Apple Pay, and Samsung Pay.

The cards will initially be available in selective European regions, with a broader European rollout planned for the future. 

Addressing Accessibility and User Needs

Veronica Wong, CEO of SafePal, emphasizes the importance of accessibility in driving crypto adoption. Traditional banks often impose limitations and restrictions on crypto users. SafePal’s new offering aims to address this challenge by providing a crypto-friendly banking experience that eliminates these hurdles.

By offering smooth transfers between crypto wallets and traditional bank accounts, SafePal enables users to manage their finances more efficiently. This integrated approach caters to the evolving needs of crypto users who increasingly look for ways to bridge the gap between the two financial worlds.

SafePal’s Move in Contex- The Rise of Self-Custody Wallets

SafePal’s entry into crypto banking comes at a time when self-custody wallets are gaining significant traction. The collapse of centralized finance (CeFi) platforms like FTX and Celsius has shaken user confidence in these entities. As a result, users are increasingly opting for self-custody solutions that grant them complete control over their crypto assets.

SafePal, with its existing user base of approximately 10 million, is in a good position to capitalize on this trend. Their new crypto banking features provide an attractive value proposition for users looking for a secure and user-friendly platform to manage both their crypto and traditional finances.

Summary of SafePal’s New Crypto Banking Features