SafePal has introduced a new crypto wallet integrated into Telegram aimed at simplifying crypto transactions and fiat management for its users. The wallet merges centralized and decentralized finance (CeDeFi) with 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 cryptocurrencies and traditional currencies.
The 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 that allows users to conduct online or in-store purchases by instantly converting their crypto assets to fiat. The move could potentially reshape how people interact with digital assets, especially for crypto newcomers.
To ensure compliance with regulatory standards, the SafePal Telegram crypto wallet requires users to complete Know Your Customer (KYC) verification via the Fiat24 partnership, underscoring its user verification and security prioritization.
Swiss authorities regulate Fiat24’s banking system, so SafePal’s users can access secure and compliant financial services within Telegram’s familiar environment. Notably, the 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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Commenting on the innovation, SafePal co-founder and CEO Veronica Wong posited that the development will show the effectiveness of Telegram in connecting users with 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,” Wong said.
This development further shows 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 allow Telegram users to complete transactions, track their funds, and spend crypto as easily as they send messages.
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With this new crypto 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.
