SafePal launches Swiss bank-backed crypto wallet on Telegram for 950M users

SafePal, a crypto wallet provider, has introduced a new Mini Wallet App on Telegram. The new application will allow Telegram’s 950 million users to set up personalized and compliant crypto accounts with Swiss banks, allowing seamless crypto transactions.

The mini wallet app will also support Visa cards, even as the company plans to launch a digital Mastercard card in Q4 2024.

SafePal’s mini wallet accounts will be under the Swiss Financial Market Supervisory Authority 

On November 2, SafePal launched a Swiss bank-supported crypto mini wallet on Telegram, designed to enable crypto transactions directly within the messenger app.

According to SafePal, users will have personalized and fully compliant bank accounts licensed by the Swiss Financial Market Supervisory Authority (FINMA). The wallet will also offer Visa card support. Once users complete the Know Your Customer (KYC) checks and onboarding process, they can seamlessly access their bank accounts and connect them to their digital Visa cards.

Additionally, Fiat24 will handle all registration processes, data collection, and account management independently, upholding the decentralization and privacy of the SafePal non-custodial wallet suite.

The company has even introduced a hardware wallet to ensure the network’s and Telegram’s security.

SafePal co-founder and CEO Veronica Wong commented:

While those apps provide entertainment and rewards for users, we also want to leverage the social platform to solve critical issues like accessibility to crypto-friendly and compliant banking for over 950 million Telegram users.

~ Veronica Wong

SafePal joins Bitget and OKX in starting Telegram wallet applications

SafePal mini wallet will also support various cryptocurrencies, allowing users to manage their assets across significant blockchain networks. The company will also open its wallet market to Europe and Asia Pacific countries even as it prepares to release a new digital MasterCard in Q4 2024.

SafePal has now joined multiple exchanges like Bitget and OKX to launch wallets on Telegram. Its CEO Wong commended wallet developers for recognizing Telegram’s usability. She even pointed out that most of them have focused their attention on ensuring interoperability across different blockchains.

For starters, the OKX wallet on Telegram, which launched on September 30, currently offers asset management and DEX trading for more than 100 public chains.  Moreover, the Bitget wallet has become particularly popular among Telegram users, boasting about 6 million people added to its user base just three days after launching on the messaging platform.