Crypto Wallet SafePal Invests in Swiss bank Fiat24 and Launches USDC Visa Card

SafePal announced that it had made a strategic investment into Swiss bank Fiat24, which is a provider of hardware wallets for cryptocurrency. The partnership is designed to help bridge the crypto-finance gap by offering users new features in the SafePal app.

In-app banking is the core of this app. The USDC stablecoin is pegged to US dollars and users can exchange their crypto holdings. The USDC is then converted to USD, EUR or CHF and used for daily spending. SafePal allows users to create Swiss-compliant bank accounts without the need for additional bank apps and fees.

SafePal CEO Veronica Wong said that inaccessibility was a big obstacle to crypto adoption. This partnership allows users to seamlessly manage both their traditional and crypto finances, all in the same place.

The bank credentials generated within the SafePal application are unique in that they're minted on the Arbitrum Blockchain as non-fiduciary tokens. All transactions will be permanently stored on an open, transparent ledger.

This partnership is extended with the co-branded cryptocurrency Visa cards. The cards are linked with popular payment platforms such as PayPal, Google Pay and Apple Pay. Users can spend crypto directly using these cards. The cards will initially be limited to a few European regions, before being rolled out across Europe.