SafePal Launches New Mini Wallet App on Telegram, Offering 950 Million Users Access to Swiss-Compliant Crypto Banking
SafePal, a leading cryptocurrency wallet provider, recently announced the launch of its new Mini Wallet App on Telegram, which will allow Telegram’s 950 million users to create compliant crypto-friendly Swiss bank accounts. This revolutionary integration, set to go live in November, aims to expand crypto accessibility and compliance by providing users with licensed Swiss bank accounts approved by the Swiss Financial Market Supervisory Authority (FINMA).
A Groundbreaking CeDeFi Solution within Telegram
SafePal’s new wallet app introduces principles of Centralized-Decentralized Finance (CeDeFi) within the Telegram ecosystem, enabling users to open Swiss-regulated, compliant bank accounts directly through the app. This solution will also support a digital crypto Visa card, marking SafePal as the first Telegram Mini App to incorporate such features.
Veronica Wong, SafePal’s co-founder and CEO, emphasized the potential of Telegram as a bridge to Web3, pointing out that crypto-friendly banking solutions could benefit Telegram’s vast user base:
“While games on Telegram offer entertainment and rewards, we aim to leverage the platform to solve critical issues like accessible, compliant banking for over 950 million users.”
The move aligns with Telegram’s rise as a hub for crypto adoption, with "tap-to-earn" games driving significant growth on the platform in 2024. SafePal’s wallet seeks to add a practical, compliant financial tool to this expanding ecosystem.
Easy KYC and Onboarding Process
SafePal’s wallet integrates Know Your Customer (KYC) checks and a seamless onboarding process, allowing users to access their bank accounts and link them to a digital Visa card. The KYC process will be managed by Fiat24, a Swiss-licensed deposit-taking fintech, ensuring compliance without imposing account or management fees. Fiat24 also handles registration data and cash accounts, maintaining the decentralization and anonymity that SafePal’s non-custodial wallet users expect.
Key Features and Future Expansion
SafePal’s new wallet app allows users to send, receive, deposit, and withdraw both cryptocurrency and fiat currency directly within the Telegram app. Future plans include a swap function to facilitate interoperability across over 100 blockchains. SafePal is also working on a digital Mastercard card slated for release by the end of 2024, targeting expansion into European and Asia-Pacific markets.
In addition to the Mini Wallet App, SafePal has launched a co-branded hardware wallet to enhance security for users within the Telegram Open Network (TON) and the wider Telegram ecosystem.
Joining the Crypto Wallet Wave on Telegram
SafePal’s launch follows a trend of major crypto firms releasing wallet apps on Telegram. On October 31, Bitget, a global crypto exchange, launched its Telegram wallet, joining platforms like OKX in integrating crypto solutions on the messaging app.
Veronica Wong praised the growing adoption of Telegram by crypto wallet providers, noting a shared focus on interoperability across blockchains.
“It’s definitely net-positive to see other wallet builders recognize Telegram’s effectiveness in onboarding users into Web3,” said Wong, highlighting the industry-wide move to simplify blockchain management within a unified platform.
SafePal’s new wallet app on Telegram not only extends secure and compliant banking solutions but also reinforces the role of messaging platforms in driving mass adoption of decentralized finance.
