SafePal, a crypto hardware wallet provider, has made a strategic investment in Swiss bank Fiat24, marking a significant step towards bridging the gap between traditional banking and the world of digital assetsAsset An economic resource with value that an individual or organization owns, controls, or expects future benefits from. Examples of assets: gold, stocks, cryptocurrencies, etc.. The partnership aims to offer users a comprehensive banking gateway, enabling them to seamlessly pay for expenses using digital assets and transfer funds to compliant banks.
The collaboration introduces a crypto-focused Visa card and in-app banking services, featuring the USD Coin (USDC) as the defaultDefault The inability to repay debts that causes bankruptcy. deposit currency. Through Arbitrum, users can conveniently swapSwap The conversion of tokens into other tokens on a decentralized exchange. their coin holdings into USDC, which can then be stored in multiple fiat currencies (USD, EUR, and CHF) for transactionsTransaction Exchange of value, property, or data between two parties. and expenses.
SafePal users can establish individually owned, fully compliant bank accounts within the mobile wallet app, eliminating the need for account creation or management fees. This move addresses the accessibility challenges faced by crypto users and aims to foster better onboarding and adoption.The mobile wallet accounts support seamless and compliant transfers to accounts in other banks under the user’s name.
Furthermore, the bank account credentials are minted as Non-Fungible Tokens (NFTs) on Arbitrum, ensuring transparent and secure on-chain transactions. The crypto Visa cards are integrated with third-party payment platforms like Paypal, Google Pay, Apple Pay, and Samsung Pay, enhancing their usability.
Initially, the Visa card will be available in selected European regions, with plans for expansion across the continent. Meanwhile, the in-app banking gateway will cater to users outside of the United States and in non-U.S. sanctioned countries. (Source: CoinDesk)