SafePal's Mini Wallet on Telegram enables compliant Swiss bank accounts and Visa transactions.
The wallet app supports crypto and fiat transfers, adhering to FINMA standards for global security.
SafePal plans to add multi-chain swaps and expand to Europe and Asia Pacific by the end of 2024.
SafePal has launched its Mini Wallet App within Telegram. This move expands functionalities within Telegram’s vast network of 950 million users. With this app, users can manage Swiss bank accounts that comply with regulations. Additionally, they can use a digital Visa card for transactions.
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The wallet was developed in collaboration with Swiss fintech firm Fiat24. SafePal’s goal is to enhance access to cryptocurrency via Telegram. Once users complete KYC verification, they can open bank accounts directly on Telegram. They can then link these accounts to a Visa card for both fiat and digital currency transactions.
Key Features and Compliance
The Mini Wallet App allows users to send, receive, deposit, and withdraw funds within Telegram. These services adhere to Swiss Financial Market Supervisory Authority standards. This compliance strengthens user security and global confidence in the app’s features.
SafePal maintains user autonomy by keeping registration data separate from its primary platform. Fiat24 handles this independently. This approach aligns with SafePal’s focus on decentralization and user-managed data.
The app’s features highlight a shift toward centralized decentralized finance (CEDeFi). It merges traditional banking tools with crypto capabilities. SafePal’s CEO, Veronica Wong, shared her optimism about reaching Telegram’s global community with crypto-compatible banking solutions.
Expansion Plans and Future Features
SafePal’s current app capabilities are just the start. The company plans to add a swap feature. This will enable transactions across more than 100 blockchains. The multi-chain functionality aims to offer seamless user experiences.
Moreover, SafePal is set to expand its services into the European and Asia Pacific regions by the end of 2024. This expansion targets an international audience looking for convenient crypto-fiat options.
In addition, SafePal has introduced a co-branded hardware wallet. This step ensures secure offline storage of digital assets. It integrates with Telegram and The Open Network (TON), adding a security layer for Telegram users.
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