SafePal, a crypto hardware wallet provider, has announced a strategic investment in Swiss bank Fiat24, aiming to provide users with a banking gateway to pay for expenses and transfer funds with digital assets. The partnership, which was revealed on March 7, 2024, will offer users a suite of new features within the SafePal mobile wallet app, such as in-app banking, crypto Visa cards, and USDC stablecoin support.
The partnership will enable users to swap their crypto holdings for USDC, a dollar-pegged stablecoin, which can then be converted and stored in USD, EUR, or CHF for everyday spending. Users will also be able to create fully compliant Swiss bank accounts within the SafePal app, without any account creation or management fees. Additionally, users will be able to access co-branded crypto Visa cards, which will be linked to popular payment platforms like PayPal, Google Pay, and Apple Pay.
The partnership aims to bridge the gap between crypto and traditional finance, and to offer users a seamless and compliant way to manage their finances in one place. Veronica Wong, CEO and co-founder of SafePal, said that the partnership would address the accessibility and usability issues faced by crypto users, and that it would create a truly crypto-friendly banking experience.
“Inaccessibility is a major hurdle for crypto adoption,” Wong said. “This partnership creates a seamless and compliant way for users to manage their crypto and traditional finances in one place, without the limitations often imposed by traditional banks.”
The bank account credentials are minted as NFTs on the Arbitrum blockchain
The partnership also introduces a unique feature, which is the minting of the bank account credentials as NFTs on the Arbitrum blockchain, an Ethereum Layer 2 rollup. This means that the bank account details are recorded on a transparent and secure public ledger, which ensures the ownership and the traceability of the transactions.
Wong said that this feature was inspired by the concept of self-sovereign identity, which is the idea that individuals should have full control over their own identity and data. Wong said that by minting the bank account credentials as NFTs, users would be able to prove their identity and access their accounts without relying on third parties or intermediaries.
“This feature is a game-changer for the crypto industry, as it gives users the power and the freedom to own and manage their own bank accounts, without compromising their privacy or security,” Wong said.
The partnership is the first of its kind between a crypto wallet provider and a Swiss bank
The partnership is the first of its kind between a crypto wallet provider and a Swiss bank, and it marks a milestone for the crypto industry, which has often faced regulatory and legal hurdles in the traditional banking sector. The partnership also showcases the potential of the iPhone 15 Pro, which SafePal uses as its hardware device, to enable innovative and cutting-edge applications for crypto users.
Wong said that the partnership was made possible by the progressive and supportive regulatory environment in Switzerland, which has emerged as a global hub for crypto and blockchain innovation. Wong also said that the partnership was facilitated by the expertise and the vision of Fiat24, which is a Swiss bank that specializes in crypto and digital assets.
“We are very excited and grateful to partner with Fiat24, which is a pioneer and a leader in the crypto banking space,” Wong said. “We share the same vision of making crypto accessible and usable for everyone, and we look forward to working together to achieve this goal.”
The partnership is expected to launch in the second quarter of 2024, and it will be initially available in select European regions, before expanding to other markets. Users can sign up for early access and updates on the SafePal website.
