SafePal to Launch Visa-Supported Telegram Wallet This November

SafePal has recently announced plans to launch its new mini app on Telegram, at the TON Gateway event, offering “compliant and accessible cryptocurrency solutions.”

The Mini Wallet App, set to launch in November, will serve Telegram’s vast 950 million-user base, providing fully compliant Swiss bank accounts and digital crypto Visa card support.

SafePal to Integrate Services Into Telegram

SafePal, a self-custodial cryptocurrency wallet provider, is venturing into Telegram’s rapidly expanding crypto ecosystem with a wallet app approved by the Swiss Financial Market Supervisory Authority (FINMA).

According to the company, the Mini Wallet App will bring centralized-decentralized finance (CeDeFi) capabilities to Telegram, allowing users to securely transact digital assets.

SafePal’s co-founder and CEO, Veronica Wong, explained that the app plans to leverage Telegram’s massive reach to solve accessibility issues related to crypto-friendly, compliant banking services.

“While other apps provide entertainment and rewards, we want to use Telegram to tackle critical issues, giving millions access to crypto-compliant banking,” Wong stated at the event.

SafePal Mini Wallet App Features

The new wallet will enable users to send, receive, deposit, and withdraw both crypto and fiat currency within Telegram. Additionally, SafePal’s partnership with Visa will make crypto spending as straightforward as traditional currency transactions, a feature that may attract both crypto newcomers and seasoned users.

Besides the core wallet functionalities, the app will support multiple cryptocurrencies and will facilitate interoperability across over 100 blockchains. SafePal plans to enhance this feature by adding a swap function, to allow seamless exchanges across different blockchain ecosystems.

Additionally, users will access SafePal’s services by completing a Know Your Customer (KYC) process facilitated by Fiat24, a Swiss licensed fintech company. They emphasized that registration data and cash accounts will be managed separately by Fiat24 to maintain the decentralization and anonymity offered in the SafePal non-custodial wallet.

SafePal’s Focus on Security and The Future for Integration

Furthermore, SafePal has prioritized security at the core of its app design. According to the company, the Mini Wallet App incorporates advanced encryption and multi-layered security measures designed to safeguard user assets from any potential risks.

SafePal’s new wallet shows a shift in the crypto industry trying to integrate financial services directly into social media platforms.

SafePal’s Mini Wallet App aims to connect with the broader population by offering a digital wallet that combines crypto with the ease and convenience of a Visa card, all accessible from Telegram.