Key Takeaways
- SafePal partners with Fiat24 to launch a Visa card and in-app banking services using USDC, seamlessly integrating digital and traditional banking.
- Users can create fully compliant bank accounts through the SafePal app without fees, enhancing the crypto banking experience.
- The initiative includes minting bank account credentials as NFTs for secure on-chain transaction recording, and the Visa card will support major third-party payment platforms.
SafePal, renowned for its crypto hardware wallets, is making headlines with its latest venture into the banking sector through a partnership with Swiss bank Fiat24.
A highlight of this initiative is the introduction of a Visa card and in-app banking services, utilizing the stablecoin USD Coin (USDC) as the primary currency for deposits.
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Through the SafePal mobile wallet app, users can convert their crypto into USDC, which they can then store in USD, EUR, and CHF for various transactions.
The Visa cards introduced are compatible with major third-party payment platforms, including PayPal and Google Pay, enhancing the service's utility and accessibility.
The collaboration between SafePal and Fiat24 also facilitates the creation of personal bank accounts. Users can establish these accounts directly within the SafePal app, following a straightforward KYC and onboarding process facilitated by Fiat24, without incurring any account creation or management fees.
Adding to the security and transparency of the process, the bank account credentials created in the SafePal app are minted as NFTs on the Ethereum-based network Arbitrum. This ensures that all transaction records are securely logged on the blockchain.
Initially available in selected European regions, with plans for a broader rollout, this venture promises to revolutionize how users interact with their digital assets.
In other news related to crypto innovation, startup Zama raised $73 million in funding to advance its Fully Homomorphic Encryption (FHE) technology, aiming to process encrypted data without decryption.
