SafePal, a leading provider of crypto hardware wallets, has made a significant move into the banking sector through a strategic partnership with Swiss bank Fiat24. This collaboration has resulted in the launch of a Visa card and in-app banking services that seamlessly integrate digital and traditional banking.
One of the key highlights of this initiative is the use of the stablecoin USD Coin (USDC) as the primary currency for deposits, allowing users to create fully compliant bank accounts through the SafePal app without any fees. This enhances the overall crypto banking experience and provides users with a convenient way to manage their digital assets.
Through the SafePal mobile wallet app, users can easily convert their crypto into USDC and store it in USD, EUR, and CHF for various transactions. The Visa cards introduced as part of this partnership are compatible with major third-party payment platforms like PayPal and Google Pay, making it easier for users to access and utilize the service.
Moreover, the collaboration between SafePal and Fiat24 enables the creation of personal bank accounts directly within the SafePal app. Users can establish these accounts through a simple KYC and onboarding process facilitated by Fiat24, without incurring any account creation or management fees.
To enhance the security and transparency of the process, the bank account credentials created in the SafePal app are minted as NFTs on the Ethereum-based network Arbitrum. This ensures that all transaction records are securely logged on the blockchain, providing users with added peace of mind.
While the services are initially available in selected European regions, there are plans for a broader rollout in the future. This venture has the potential to revolutionize how users interact with their digital assets and represents a significant step forward in the integration of crypto and traditional banking services.
In related news, startup Zama recently raised $73 million in funding to advance its Fully Homomorphic Encryption (FHE) technology, which aims to process encrypted data without decryption. This further highlights the ongoing innovation and development within the crypto and blockchain space.
