KEY FACT: SafePal has launched a crypto wallet on Telegram to enable users to create Swiss-compliant digital bank accounts and link them with a crypto Visa card. The app is part of SafePal's vision to integrate centralized-decentralized finance (CeDeFi) into Telegram’s ecosystem. Once users complete KYC verification, they can access and manage crypto and fiat within the app. SafePal is partnering with Swiss fintech Fiat24 to ensure user security and autonomy. This integration is an addition to Telegram's involvement in crypto, with SafePal joining other firms like Bitget and OKX.

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SafePal Launches Telegram Crypto Wallet with Visa Card Support

SafePal has introduced a new crypto wallet integrated into Telegram aimed at simplifying crypto transactions and fiat management for its users and at the same time merging centralized and decentralized finance (CeDeFi) to the popular messaging platform. Partnering with Fiat24, a Swiss-based fintech company, SafePal will enable Telegram users to set up Swiss-compliant digital bank accounts and perform various financial operations such as purchasing, selling, and transferring both cryptocurrencies and traditional currencies.

This wallet, rooted in CeDeFi principles, balances the convenience of centralized systems with the control of decentralized systems. It allows users to manage their funds on Telegram seamlessly without going through multiple apps or platforms. The integration includes a Visa card which allows users to conduct online or in-store purchases by converting their crypto assets to fiat instantly. This move will potentially reshape how people interact with digital assets, especially for newcomers in crypto.

The integration prioritizes user verification and security. To ensure compliance with regulatory standards, SafePal's wallet requires users to complete Know Your Customer (KYC) verification via the Fiat24 partnership. Fiat24’s banking system is regulated by Swiss authorities, so SafePal’s users gain access to secure and compliant financial services within Telegram’s familiar environment. This wallet's security features include a secure onboarding process, integrated cold wallet support, and tools to manage digital assets across multiple chains.

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Centralized finance (CeFi) versus decentralized finance (DeFi) and centralized-decentralized finance (CeDeFi). Source: SafePal

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SafePal co-founder and CEO, Veronica Wong has posited that the development such will show the effectiveness of Telegram in connecting users with the Web3 industry. She furthered:

“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.”

This release has shown Telegram's increasing involvement in the crypto space. Telegram previously supported other crypto firms, such as Bitget and OKX, however, SafePal's offering marks a deeper functional integration. Embedding crypto tools directly into the messaging app will give Telegram users the ability to complete transactions, track their funds, and spend crypto as easily as they send messages.

With this new wallet, SafePal would help to onboard new users into the digital economy, making crypto use more practical and widely accepted for everyday transactions. This innovation by SafePal and its alignment with Swiss-regulated financial standards could set a precedent for future developments in CeDeFi within social media platforms.

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