SafePal, a hardware wallet provider for cryptocurrencies, announced a strategic investment in Swiss bank Fiat24. This partnership aims to bridge the gap between crypto and traditional finance, offering users a suite of new features within the SafePal mobile wallet app.
The core offering is an in-app banking gateway. Users can swap their cryptocurrency holdings for the USDC stablecoin, pegged to the US dollar. This USDC can then be converted and stored in USD, EUR, or CHF for everyday spending. Additionally, users can set up fully compliant Swiss bank accounts directly within the SafePal app, eliminating the need for separate bank applications and associated fees.
“Inaccessibility is a major hurdle for crypto adoption,” said Veronica Wong, CEO of SafePal. “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.”
Uniquely, the bank account credentials created within the SafePal app are minted as NFTs on the Arbitrum blockchain. This ensures all transactions are permanently recorded on a transparent and secure public ledger.
The partnership extends further with co-branded crypto Visa cards. These cards will be linked to popular payment platforms like PayPal, Google Pay, and Apple Pay, allowing users to spend their crypto holdings directly. Initially, the cards will be available in select European regions before a wider European rollout.