Summary
In 2024, SafePal continues to innovate with a strategic investment in Swiss bank Fiat24 and the launch of an in-app banking gateway and linked virtual crypto Visa card. This service aims to improve crypto accessibility and bridge the gap between digital currencies and real-world applications.
Complying with Swiss Financial Market Supervisory Authority (FINMA) regulations, SafePal ensures user data and cash accounts are securely managed by Fiat24. The new banking gateway and Visa card will initially roll out in select European regions before expanding globally, excluding the USA and US-sanctioned countries.
Key features include no annual fees, seamless crypto spending through platforms like PayPal and Google Pay, on-chain transparency with NFTs on Arbitrum, and additional $SFP utilities. SafePal and Fiat24 also plan to introduce Mastercard services globally by Q3, enhancing the crypto-friendly living experience.
Stay updated with the latest developments and learn how to open a bank account by downloading the SafePal App.
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Dear SafePal community,
2024 has ushered in more mainstream attention with the approval of the Bitcoin ETFs. Regardless of market movements, the team at SafePal continues to focus on building products, developing features, and improving our offerings to better meet the needs of our users.
Accessibility has been a constant hurdle for crypto usage, and SafePal has consistently been looking to improve this as a gateway for crypto adoption. As part of these efforts, SafePal is excited to announce a strategic investment in Swiss bank Fiat24, and the launch of an in-app banking gateway and linked virtual crypto Visa card! This new service offering will pave the way to onboard more users into Web3 and accelerate the bridging of crypto to real-world utilities.
In accordance with banking laws by the Swiss Financial Market Supervisory Authority (FINMA), registration data for the service offering are stored separately and only accessible by relevant departments of Fiat24. The cash accounts are also operated separately by Fiat24, maintaining the decentralization and anonymity offered in the SafePal non-custodial wallet suite.
The banking gateway and Visa card will be rolled out first to selected regions in Europe before extending to the entire continent, and other countries (excluding the USA and US-sanctioned nations). The list of supported countries/regions for the service will be consistently updated and can be viewed here.
SafePal and Fiat24 also plan to roll out Mastercard services in Q3 this year as part of a global expansion, meaning users around the world will also be able to experience crypto-friendly living.
Product Highlights for SafePal Banking Gateway and Visa Card:
- No annual fees: Eligible users can open individually owned and compliant Swiss bank accounts under their name for free with no account creation or annual management fees
- Truly crypto-friendly: Users will be able to utilize cryptocurrency for daily expenses, and make seamless transfers with their other bank accounts compliantly — eliminating the excessive scrutiny and restrictions of traditional bank accounts while improving accessibility to on and off-ramps
- Spend crypto with ease: The virtual Visa cards support 3rd payment party platforms like Paypal, Google Pay, Apple Pay and Samsung Pay for smooth and seamless payments
- On-chain and transparent: After creating the bank accounts in the SafePal mobile wallet, the credentials are minted as an NFT on Arbitrum (an Ethereum Layer 2 solution), and all related transactions will be broadcast on-chain, providing a transparent, immutable ledger for users.
- Additional $SFP utilities: $SFP is knitted into the core product design, with staking for the decentralized utility token providing privileges and benefits
- Reliability and stability: USDC is the default deposit cryptocurrency to provide stability and safeguard card owners from market volatility. Users can swap their crypto with SafePal across 40+ blockchains into USDC on Arbitrum to be deposited into their bank accounts in the mobile wallet, to be stored as $USD, $EUR, and $CHF for various transactions and expenses.
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