Singaporean fintech SafePal, in collaboration with Swiss bank Fiat24, has launched a groundbreaking crypto Visa card and in-app banking service, setting a new standard in the fusion of traditional banking with digital currencies. This initiative marks a significant milestone, with USDC being the default currency for deposits, showcasing a forward-thinking approach to financial services.
A Seamless Blend of Traditional and Digital Finance
The newly introduced feature, available in the SafePal mobile wallet version 4.5.0, awaits approval from major app stores. This venture distinguishes itself by leveraging the Arbitrum network for on-chain transactions with USDC, offering transparency and security alongside the capability for reversing faulty transfers within the banking system. “This unique blend of on-chain visibility and traditional banking safety nets presents a pioneering step in financial technology,” stated Yang Lan, co-founder of Fiat24.
Enhanced User Experience through Blockchain Technology
Veronica Wong, CEO and co-founder of SafePal, detailed the process whereby users can effortlessly transfer funds from their USDC mobile wallet to traditional bank accounts, bridging the gap between crypto and fiat currencies. The integration extends to allowing transactions in major fiat currencies like the U.S. dollar, euro, and Swiss Franc, catering to a global user base. The innovation doesn’t stop there; upon creating bank accounts via the SafePal mobile wallet, users receive their credentials as NFTs on the Arbitrum network, ensuring transactions are securely logged on-chain.
Expanding Accessibility and Convenience
The collaboration further extends the utility of the crypto Visa cards by linking them with popular third-party payment platforms, including PayPal, Google Pay, Apple Pay, and Samsung Pay. This strategic move significantly enhances user convenience, enabling seamless transactions across a wide range of services.
A Strong Commitment to Self-Custody
SafePal, known for its self-custody wallet solutions, continues to grow its user base, now boasting around 10 million users globally. The firm’s emphasis on self-custody solutions has become increasingly relevant following the downturns faced by centralized finance platforms, highlighting the importance of personal asset management. The recent initiatives by various entities to launch self-custody wallets underscore a growing trend towards more secure and user-centric financial services.
