SafePal, a self-custodial crypto wallet provider, has introduced its new Mini Wallet App on Telegram, aiming to expand digital banking access to Telegram’s vast user base. With this app, Telegram’s 950 million users can now create fully compliant, crypto-friendly bank accounts licensed by Swiss authorities.
SafePal Brings Swiss-Compliant Crypto Banking to Telegram
Announced on Nov. 2 following its keynote at the TON Gateway event, SafePal’s Mini Wallet App on Telegram offers users a new way to manage crypto assets and connect to Web3. With bank accounts licensed by the Swiss Financial Market Supervisory Authority (FINMA), the app lets users set up secure and compliant accounts right from within Telegram.
Key features include:
- Fully compliant bank accounts: Swiss-regulated bank accounts tied to users’ wallets.
- Visa card integration: Transactions can be made using a digital crypto Visa card, bringing ease to everyday crypto use.
This initiative builds on Telegram’s increasing role in Web3, with apps like tap-to-earn games gaining immense popularity. SafePal’s CEO, Veronica Wong, highlighted that while many Telegram apps focus on rewards, SafePal’s Mini Wallet App is geared towards making crypto-friendly banking accessible to millions worldwide.
Easy Onboarding and KYC Compliance
The Mini Wallet App simplifies the setup of compliant bank accounts and digital Visa cards, requiring users to complete a Know Your Customer (KYC) process. The onboarding and KYC services are managed by Swiss fintech provider Fiat24, which supports SafePal’s app without any account or management fees. This partnership helps maintain user anonymity and decentralization, aligning with SafePal’s focus on secure self-custodial solutions.
Expanded Crypto Functionality and Global Plans
With SafePal’s wallet, users can send, receive, deposit, and withdraw both crypto and fiat currency directly within Telegram. Future upgrades will add a swap feature, enabling seamless transactions across 100+ blockchains. SafePal also has plans for further expansion in Europe and the Asia–Pacific region, aiming to introduce a digital Mastercard by late 2024.
To support security across the TON and Telegram ecosystems, SafePal has released a co-branded hardware wallet, providing an extra layer of protection for users.
Growing Trend of Crypto Wallets on Telegram
SafePal’s entry into Telegram’s crypto space reflects a wider trend among digital finance platforms. On Oct. 31, global crypto exchange Bitget launched its own Telegram wallet, following similar releases from exchanges like OKX. SafePal’s Wong emphasized that this trend underscores Telegram’s effectiveness in connecting users to Web3, with many platforms focusing on multi-blockchain interoperability.
