- SafePal introduced a Telegram-based wallet allowing users to create Swiss-compliant crypto-friendly bank accounts.
- The Mini Wallet App integrates centralized-decentralized finance (CeDeFi) and digital Visa card transactions.
- SafePal plans to add blockchain interoperability and expand services in Europe and Asia-Pacific.
SafePal has entered Telegram’s growing crypto ecosystem with the launch of its Mini Wallet App on the Messenger platform. The announcement came on November 2, after SafePal previewed its plans at the TON Gateway event focused on The Open Network (TON) ecosystem.
Source: Cointribune
New Features and Regulatory Compliance
The new app will provide Telegram’s 950 million users with the ability to create crypto-friendly bank accounts licensed under the Swiss Financial Market Supervisory Authority (FINMA). SafePal stated that the Mini Wallet App incorporates centralized-decentralized finance (CeDeFi) principles and enables transactions using a digital Visa card.
Veronica Wong, co-founder and CEO of SafePal, noted that while Telegram’s tap-to-earn games have gained popularity in 2024, the platform can also address more critical issues like broad access to compliant crypto banking.
Onboarding and Expansion Plans
Users will need to complete Know Your Customer (KYC) checks to access banking services and link accounts to a digital Visa card. The KYC process will be facilitated by Fiat24, a Swiss-licensed deposit-taking fintech. SafePal emphasized that Fiat24 would manage registration data separately, ensuring decentralization and anonymity for users.
SafePal’s Mini Wallet App supports basic crypto transactions and fiat management. The company plans to add a swap feature for enhanced blockchain interoperability across over 100 networks and is set to launch a digital Mastercard in late 2024, targeting expansion in Europe and Asia-Pacific.
The launch aligns with other crypto firms like Bitget and OKX, which have also introduced wallet apps on Telegram. Wong remarked on the trend, stating it is positive for onboarding users into Web3, with a focus on cross-chain asset management.
