- Safepal has launched a Visa debit card in association with bank Fiat24
- The card allows users to spend cryptocurrencies and transfer funds to other banks
- Safepal launched its first crypto wallet, the S1, in 2018
Crypto hardware wallet provider Safepal has announced the launch of a Visa debit card thanks to a strategic investment in Swiss bank Fiat24. The card will allow users to pay for expenses with cryptocurrencies held in the wallet and to transfer funds to compliant banks, expanding the wallet’s offering. Safepal has emerged as a leading budget crypto wallet and this new development shows that the company has its eyes on bigger things.
Bank Connection Allows Spending of Fiat
Safepal launched its first crypto wallet, the S1, in 2018, since when it has added the S1 Pro and X1 to its product line, but its partnership with Fiat24 shows the company pushing into previously uncharted waters. The Visa card will allow users to convert their holdings into USDC via the Ethereum sidechain Arbitrum and then store it in USD, EUR, or CHF for spending.
Once converted to a fiat currency users will be able to spend their funds using established payment platforms like Paypal, Apple Pay, Google Pay, Samsung Pay, and more as well as using the card with physical wireless terminals through the app.
Credentials to be Stored as NFTs
Safepal will facilitate individually owned, fully compliant bank accounts through Fiat24’s KYC process in its mobile wallet app, without account creation or management fees. Interestingly, bank account credentials created in Safepal’s mobile wallet are minted as NFTs on Arbitrum, ensuring secure and transparent on-chain transactions.
The Visa card will initially launch in select European regions, expanding continent-wide later while the in-app banking gateway will be available outside the United States and for non-US-sanctioned countries.
Crypto debit cards are of course nothing new, but it is Safepal’s linkup with a fully regulated bank that marks it out from the competition, especially at a time when regulations are becoming tighter and tighter on unregulated entities.
