SafePal, a self-custodial cryptocurrency wallet, is introducing a Mini App wallet on Messenger, joining Telegram’s quickly expanding crypto ecosystem.
After announcing pre-launch during a keynote address at the TON Gateway event honoring The Open Network (TON) ecosystem, SafePal formally unveiled its Telegram Mini Wallet App on November 2.
950 million Telegram users will be able to open privately owned, legal, and crypto-friendly Swiss bank accounts with SafePal’s new Mini Wallet App, the company said.
An app for a cryptocurrency wallet with “compliant bank accounts”
According to SafePal’s statement, its new crypto wallet on Telegram, which is scheduled to launch in November, will enable users to establish “fully compliant bank accounts” that have been approved by the Swiss Financial Market Supervisory Authority (FINMA).
Additionally, it said that the wallet is the first Telegram Mini App to facilitate transactions using a digital cryptocurrency Visa card and include centralized-decentralized finance (CeDeFi) concepts.
The decision of SafePal to enter the Telegram crypto ecosystem coincides with the explosive surge in popularity of tap-to-earn Telegram games in 2024.
Veronica Wong, the CEO and co-founder of SafePal, claims that these applications have demonstrated how well Telegram connects users with the Web3 sector. She said:
“While those apps offer users rewards and entertainment, we also want to use the social platform to address important problems, such as giving over 950 million Telegram users access to crypto-friendly and compliant banking.”
KYC and the onboarding procedure
The release states that following the completion of Know Your Customer (KYC) checks and the onboarding procedure, customers will be able to access their bank accounts and link them to a digital Visa card.
Through SafePal’s Telegram wallet app, the Swiss-licensed deposit-taking fintech Fiat24 will handle that procedure “without any account or management fees,” according to the company.
According to SafePal, “Fiat24 also manages registration data and cash accounts separately, maintaining the decentralization and anonymity offered in the SafePal non-custodial wallet suite.”
Plans and features that support wallets
Users may transfer, receive, deposit, and withdraw cryptocurrency and fiat money using SafePal’s new wallet within the Telegram wallet app. SafePal claims that the company intends to provide a swap mechanism that enhances compatibility with over 100 blockchains.
In addition, the business intends to enter the European and Asia-Pacific markets, with the goal of introducing a digital Mastercard card by the final quarter of 2024.
In an effort to improve security for the TON and Telegram ecosystem, SafePal has also introduced an official co-branded hardware wallet.
SafePal joined the increasing number of cryptocurrency companies releasing wallet applications on Messenger by releasing its Mini Wallet App on Telegram.
Following in the footsteps of exchanges such as OKX, Bitget, a prominent international cryptocurrency exchange, formally opened its wallet on Telegram on October 31.
Wong of SafePal said, “It is undoubtedly beneficial to see other wallet builders recognize how well Telegram onboards users into Web3, but the shared emphasis appears to be on interoperability to manage assets across different blockchains.”
