SafePal, a provider of crypto hardware wallets, recently made a strategic investment in Swiss bank Fiat24, aiming to bridge the gap between traditional banking and the crypto world. This collaboration introduces a banking gateway for users, enabling them to use digital assets for expenses and transfer funds to compliant banks.
The partnership also led to the launch of a crypto-focused Visa card and in-app banking services, featuring the dollar-pegged stablecoin USD Coin (USDC) as the default deposit currency. Through Arbitrum, users can easily convert their coin holdings into USDC, which can then be stored in USD, EUR, and CHF for transactions and expenses.
Upon completing the KYC and onboarding process in the SafePal mobile wallet app, users can set up their own fully compliant bank accounts with Fiat24 without encountering any account creation or management fees.
Veronica Wong, CEO and co-founder of SafePal, emphasized the importance of addressing the accessibility issue faced by crypto users. She believes that this initiative will provide retail users with a truly crypto-friendly banking experience, free from the excessive scrutiny and restrictions often imposed by traditional banks.
The bank accounts created in the SafePal mobile wallet are represented as NFTs on Arbitrum, ensuring secure and transparent recording of all related transactions on-chain.
Moreover, the crypto Visa cards are compatible with popular payment platforms like Paypal, Google Pay, Apple Pay, and Samsung Pay.
Initially, the Visa card will be available in selected European regions before expanding across the continent, while the in-app banking gateway will be accessible outside of the United States and to all non-U.S. sanctioned countries.
