As a seasoned analyst with over two decades of experience in the financial industry, I find the collaboration between SafePal and Telegram to be a strategic move that could significantly impact the crypto landscape. The integration of SafePal’s Mini Wallet App into Telegram’s ecosystem opens up an unprecedented opportunity for mass adoption of decentralized finance (DeFi) solutions.
The self-managed digital currency wallet, SafePal, is integrating itself into Telegram’s swiftly expanding crypto community by introducing a Mini App wallet within the Messenger platform.
On November 2nd, SafePal formally unveiled their Mini Wallet App for Telegram, which they had previously announced as a pre-launch during a keynote speech at an event focused on The Open Network (TON) ecosystem.
Based on a statement from SafePal, their latest Mini Wallet App allows for the creation of personal and compliant cryptocurrency-friendly Swiss bank accounts, which can be accessed by approximately 950 million Telegram users.
A crypto wallet app featuring “compliant bank accounts”
Beginning in November, SafePal’s new cryptocurrency wallet on Telegram will enable users to establish “legitimate bank accounts” that are regulated by the Swiss Financial Market Supervisory Authority (FINMA), according to the company’s announcement.
It also claimed that the wallet is the first Telegram Mini App that features principles of centralized-decentralized finance (CeDeFi) and offers transactions with a digital crypto Visa card.
In light of the increasing popularity of ‘tap-to-earn’ games within Telegram’s cryptocurrency community, SafePal opted to integrate their services into this ecosystem, a move that occurred in the year 2024 when these games experienced substantial growth.
As per Veronica Wong, co-founder and CEO of SafePal, these applications have demonstrated that Telegram can be a valuable tool for linking users with the Web3 sector. In her words, “These apps showcase the utility of Telegram in bridging connections within the Web3 industry.
“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.”
KYC and onboarding process
Based on the news, once the KYC verification and onboarding are done, users will be able to connect their bank accounts with a digital Visa card for usage.
The Swiss-licensed fintech company, Fiat24, will facilitate that operation via SafePal’s Telegram wallet application, and there won’t be any charges for accounts or management, as per the statement from the firm.
SafePal pointed out that Fiat24 keeps registration details and personal cash accounts distinctly, preserving the decentralization and anonymity features inherent to their non-custodial wallet system.
Wallet support features and plans
Users of SafePal’s latest digital wallet will be able to transfer, receive, deposit, and withdraw both cryptocurrencies and fiat money all within the Telegram messaging app itself. Additionally, SafePal is looking to introduce a feature that allows for seamless exchange between over 100 different blockchains, enhancing interoperability.
Additionally, the organization intends to broaden its reach into European and Asia-Pacific nations, aiming for a Q4 2024 debut of a digital Mastercard product.
In the course of their collaborative initiatives aimed at enhancing security within the TON and Telegram ecosystem, SafePal has unveiled a jointly branded cold storage wallet as well.
By introducing its Mini Wallet App on Telegram, SafePal has followed the trend of numerous cryptocurrency companies unveiling their digital wallet applications within the messaging platform, Telegram.
On October 31st, the prominent cryptocurrency exchange, Bitget, made its wallet available on Telegram, mimicking the approach taken by exchanges such as OKX.
It’s clearly beneficial when other digital wallet creators recognize the usefulness of Telegram for bringing users into the Web3 world. However, it appears that they are primarily concentrating on ensuring asset management across various blockchains to promote interoperability. According to SafePal’s Wong.
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2024-11-02 22:12