Crypto hardware wallet provider SafePal has announced a strategic investment in Swiss bank Fiat24, marking its entry into the banking sector. This move aims to provide users with a seamless banking experience using digital assets and facilitate fund transfers to compliant banks.
According to a release obtained by CoinDesk, SafePal and Fiat24 have introduced a crypto-focused Visa card and in-app banking services, with the dollar-pegged stablecoin USD Coin (USDC) serving as the default deposit currency. Users can convert their cryptocurrency holdings into USDC via Arbitrum and store them in USD, EUR, and CHF for transactions and expenses.
To access these services, users need to complete the KYC and onboarding process within the SafePal mobile wallet app, enabling them to set up individually owned, fully compliant bank accounts without incurring any account creation or management fees.
Veronica Wong, CEO and co-founder of SafePal, emphasised the importance of addressing the accessibility issues faced by crypto users, highlighting the need for better onboarding and adoption. She noted that this initiative represents the first truly crypto-friendly banking experience for retail users, providing seamless and compliant transfers to accounts in other banks.
Once bank accounts are created within the SafePal mobile wallet, their credentials are minted as NFTs on Arbitrum, ensuring transparent and secure recording of all related transactions on-chain.
Moreover, the crypto Visa cards are compatible with various third-party payment platforms such as Paypal, Google Pay, Apple Pay, and Samsung Pay.
Initially, the Visa card will be available in select regions in Europe before expanding across the continent. Meanwhile, the in-app banking gateway will be accessible outside of the United States and to all non-U.S. sanctioned countries.
SafePal’s SFP tokens have seen a 1.3% increase in the past 24 hours, according to CoinGecko data.