Key Takeaways:
- SafePal and Swiss bank Fiat24 introduce a USDC-powered crypto Visa card, integrating cryptocurrencies with conventional banking.
- Transactions made with the card are recorded on the USDC Arbitrum blockchain for transparency and security, with a unique feature that allows for the reversal of faulty transfers.
- Upon creating bank accounts in the SafePal wallet, account credentials are minted as NFTs on the Arbitrum network, ensuring secure and transparent transaction recording.
- The service supports swapping cryptocurrencies across over 40 blockchains into bank accounts, allowing for transactions in fiat currencies like USD, EUR, and CHF.
- The crypto Visa cards are compatible with major payment platforms such as PayPal, Google Pay, Apple Pay, and Samsung Pay, improving convenience for users.
- The rise in popularity of self-custody wallets, highlighted by SafePal’s reported user base of around 10 million worldwide, reflects a growing trend towards secure and independent management of digital assets.
Singaporean fintech SafePal, in collaboration with Swiss bank Fiat24, has introduced a groundbreaking crypto Visa card and in-app banking service.
Singaporean Fintech SafePal Launches USDC-Powered 💳 Visa Card with Fiat24, a Swiss Bank 🇨🇭
— BrotherHood (@BHVenture) March 8, 2024
This will Allow Users to Swap Crypto 💱 for Fiat Directly using the Arbitrum network to securely record transactions on-chain 💰 pic.twitter.com/gMLAodpmgC
This innovative venture uses the US Coin (USDC) as its primary deposit currency, marking a significant step forward in the integration of digital currencies with traditional banking services.
The service will become available with the release of version 4.5.0 of the SafePal mobile wallet, pending approval from major app stores.
Yang Lan, Fiat24’s co-founder, highlighted the unique advantage of this Visa card: transactions are recorded on the USDC Arbitrum blockchain.
This not only ensures a transparent and immutable record of transactions but also allows for the reversal of erroneous transfers, offering a blend of blockchain security and traditional banking flexibility.
SafePal’s CEO, Veronica Wong, further explained the seamless process for users to transfer funds from a USDC mobile wallet to traditional financial institutions.
This functionality is enhanced by the ability to swap cryptocurrencies across over 40 blockchains directly into bank accounts, enabling users to effortlessly use fiat currencies for their daily transactions and expenses.
A notable feature of this collaboration is the minting of bank account credentials as NFTs on the Arbitrum network, an Ethereum Layer 2 solution. This ensures that all transactions are securely recorded on the blockchain, offering an unprecedented level of security and transparency for banking operations.
Additionally, the crypto Visa cards are compatible with popular third-party payment platforms such as PayPal, Google Pay, Apple Pay, and Samsung Pay, significantly increasing their utility and convenience for users.
SafePal, known for its self-custody wallet, has garnered a substantial user base of approximately 10 million worldwide.
Crypto hardware wallet provider “SafePal” announces investment in Swiss bank “Fiat24” and the launch of an in app banking gateway and virtual crypto Visa card. #USDC #Circle #Payments #Crypto #Fintech pic.twitter.com/7pNl339a1c
— XRPDAILY (@XRPXLMVERSE) March 8, 2024
This move comes at a time when self-custody solutions are gaining momentum, especially in the aftermath of the crypto winter and the collapse of major centralized finance platforms like FTX and Celsius.
The trend towards self-custody is evident, with other companies like Jack Dorsey’s Block and BitKeep (now Bitget Wallet) launching similar solutions, emphasizing the growing demand for more secure and transparent ways to manage and use digital assets.
About The Author
Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.
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