Self-custodial cryptocurrency wallet SafePal is making a significant move into Telegram’s burgeoning crypto ecosystem by launching a Mini App wallet on the popular messaging platform. The official introduction of the SafePal Telegram Mini Wallet App took place on November 2, following a pre-launch announcement during a keynote speech at the TON Gateway event, which focused on The Open Network (TON) ecosystem.
This new Mini Wallet App aims to empower Telegram’s vast user base of 950 million, allowing them to create individually owned, compliant crypto-friendly Swiss bank accounts. SafePal emphasizes that the wallet will enable users to establish “fully compliant bank accounts” licensed by the Swiss Financial Market Supervisory Authority (FINMA), setting a new standard for financial security in the crypto space.
The SafePal wallet, set to go live in November, will be the first Telegram Mini App to integrate the principles of centralized-decentralized finance (CeDeFi) and will facilitate transactions via a digital crypto Visa card. The decision to integrate into Telegram’s ecosystem comes at a time of rapid adoption of tap-to-earn games on the platform, which have surged in popularity throughout 2024.
Veronica Wong, co-founder and CEO of SafePal, highlighted the potential of Telegram to connect users with the Web3 industry. She stated, “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.”
To access the new banking features, users will need to complete the Know Your Customer (KYC) checks and onboarding process. This will be facilitated by Fiat24, a Swiss licensed deposit-taking fintech, allowing users to link their bank accounts to the digital Visa card without incurring account or management fees. SafePal ensures that registration data and cash accounts are managed separately by Fiat24, preserving the decentralization and anonymity associated with its non-custodial wallet suite.
The SafePal Mini Wallet App will support a variety of functions, enabling users to send, receive, deposit, and withdraw both crypto and fiat currencies directly within the Telegram app. Additionally, SafePal plans to introduce a swap function to enhance interoperability across more than 100 blockchains.
The company is also looking to expand its reach into Europe and the Asia-Pacific region, with plans to launch a digital Mastercard by the end of 2024. In a further effort to enhance security within the TON and Telegram ecosystems, SafePal has introduced an official co-branded hardware wallet.
SafePal’s foray into Telegram follows similar moves by other crypto firms, including Bitget, which launched its own wallet on the platform just days prior. Wong remarked, “It is definitely net-positive to see other wallet builders acknowledge the effectiveness of Telegram in onboarding users into Web3, but the common focus seems to be on interoperability to manage assets across different blockchains.”
As SafePal expands its offerings within the Telegram ecosystem, it is set to play a crucial role in enhancing access to compliant banking solutions and crypto services for millions of users worldwide.
November 2024, Cryptoniteuae