Highlights:
- SafePal launches Telegram crypto wallet, allowing users to open Swiss-licensed bank accounts within the messaging app.
- The wallet integrates digital Visa cards, facilitating seamless crypto and fiat transactions for 950 million Telegram users.
- By the end of 2024, SafePal aims to expand features such as cross-chain swap and target European and Asia–Pacific markets.
SafePal has launched its Mini Wallet App within Telegram, expanding the functionalities of Telegram’s massive user network. With the Mini Wallet app, Telegram’s 950 million users can access individually managed, compliant, cryptocurrency-friendly Swiss bank accounts and utilize a digital Visa card for seamless transactions.
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Self-custodial crypto wallet SafePal announced the launch of Mini App wallet on Telegram. This application will enable Telegram users to create compliant crypto-friendly Swiss bank accounts and meet the standards of the Swiss Financial Market Supervisory Authority license. The…
— Wu Blockchain (@WuBlockchain) November 2, 2024
Safepal’s new wallet, developed in collaboration with Swiss-licensed fintech company Fiat24, pledges to broaden crypto access through the popular social media platform. Once users pass the KYC verification, they can open bank accounts right inside Telegram, linking their accounts to a Visa card for digital and fiat transactions. In addition, the wallet app does not charge management fees, aligning with the company’s commitment to accessibility and secure, self-custodial transactions.
Features and Compliance
The SafePal Mini Wallet enables users to send, receive, deposit, and withdraw crypto and fiat within the app. Additionally, SafePal notes that these transactions comply with the Swiss Financial Market Supervisory Authority (FINMA) standards adding a regulatory layer to boost user security and compliance globally in a digital marketplace.
In conjunction with these services, Fiat24 manages registration data independently of the SafePal suite, in combination with these services, preserving the decentralization principles fundamental to SafePal’s mission.
The wallet also marks a shift toward centralized decentralized finance (CEDeFi), providing traditional banking functionalities alongside decentralized crypto features. SafePal CEO Veronica Wong expressed optimism about Telegram’s platform to enhance access to crypto-compatible banking solutions for Telegram’s extensive global community.
Expansion and Future Enhancements
SafePal is not only focused on providing initial features but also aims to expand its functionality. Plans include implementing a swap feature that will enable interoperability across over 100 blockchains, granting users versatility in multi-chain transactions. Additionally, SafePal also intends to extend its Mini Wallet App services to the European and Asia Pacific markets before the end of 2024. They target a growing international audience for crypto-fiat transactions
SafePal also introduced a co-branded hardware wallet to integrate further into the Telegram ecosystem. This collaboration demonstrates Safepal’s commitment to ensuring security within Telegram and TON (The Open Network), a blockchain-based network built for Telegram. The hardware wallet is an additional option for users seeking secure offline storage for their digital assets, complementing the functionality of the Mini Wallet.
Crypto Wallet Apps on the Rise
With SafePal’s recent launch, Telegram now hosts multiple crypto wallet solutions, including recent additions by major exchanges. These integrations reflect the increasing demand for cross-chain interoperability and user-friendly wallet solutions. Consequently, these are the key factors in the rapid adoption of crypto wallets on messaging platforms like Telegram.
On October 27, Bitget Wallet launched OmniConnect, a toolkit linking Telegram Mini Apps to over 500 blockchains. This integration connects users to ecosystems such as TON, Solana, and EVM-compatible chains, enabling seamless transactions across networks. Developers can now expand Telegram’s role as an entry point into Web3.
Exciting news from #BitgetWallet 🔥
We’re launching #OmniConnect — our new SDK that connects Telegram Mini-Apps to over 500 blockchains 🌐🔗From #Solana to EVM chains, devs can now build cross-chain Mini-Apps, unlocking endless Web3 possibilities on Telegram. 💪
Get Seamless… pic.twitter.com/PeliMkYk0r
— Bitget Wallet 🩵 (@BitgetWallet) September 27, 2024
After launching Bitget Wallet Lite, Telegram saw a surge in adoption, reaching six million users within three days. Users can buy, store, and send digital assets directly within Telegram, highlighting the demand for accessible crypto solutions.
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