SafePal and Fiat24 Launch USDC-Based Crypto Visa Card and Mobile Banking Service
Summary:
SafePal, a Singapore-based fintech company, has invested in Swiss bank Fiat24, and the two have launched a crypto Visa card and a mobile banking service that uses US Coin (USDC) as the default currency. Users can trade crypto across 40+ blockchains, convert it into traditional currencies for transactions, and link their accounts to major payment platforms. The service will be incorporated into the existing SafePal app, which already boasts around 10 million global users.
Fintech firm from Singapore, SafePal, recently invested in the Swiss bank Fiat24 and together they have initiated a US Coin (USDC)-supported crypto Visa card and mobile banking service. Effective from version 4.5.0 of SafePal's mobile application, as reported on March 7, it awaits confirmation from both Google Play and Apple’s App Store. Fiat24's co-founder, Yang Lan, explained that unlike ordinary Visa cards, the transactions taking place on the on-chain [USDC] Arbitrum are documented on a distinct, non-alterable ledger which allows for the reversal of faulty transactions, similar to their banking system.
SafePal's CEO and co-founder, Veronica Wong, clarified that, once a USDC mobile wallet is established by users, funds can then be relocated to accounts in conventional financial institutions. Users also have the facility to trade crypto across over 40 blockchains into their bank accounts and employ fiat currencies such as the U.S. dollar, euro or Swiss Franc, for different transactions and expenditures. Developers added "After crafting the bank accounts in the SafePal mobile wallet, the details are minted as NFTs on Arbitrum (an Ethereum Layer 2 rollup) which locks all associated transactions in a secure and transparent on-chain manner. The crypto Visa cards can also be synced with external payment platforms including Paypal, Google Pay, Apple Pay, and Samsung Pay, heightening the user convenience."
Providing a self-custody wallet service, SafePal asserts to accommodate around 10 million users globally. Following the crypto downturn in 2021-2022, Veronica Wong, the firm's CEO, shared with Cointelegraph that the abuse of centralized platforms has expedited the adoption of self-custody solutions, which should not be just a fleeting surge of interest, but a principal driving force to enhance the adoption of self-managed assets. Centralized finance entities like FTX and Celsius took a hit causing the rise of self-custody wallets. Jack Dorsey’s Block introduced a self-custody wallet solution accessible in over 95 countries on Dec. 7, 2023. On Aug. 10, 2023. BitKeep, the cross-chain wallet received a $30 million investment from the exchange, following which it rebranded itself to Bitget Wallet to expand its multi-chain swap platform.
Published At
3/7/2024 6:21:31 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.