April 19, 2024
Singaporean Fintech Launches USDC Visa with Fiat24
Latest Cryptocurrency News

Singaporean Fintech Launches USDC Visa with Fiat24

Singaporean fintech company SafePal has entered into an investment agreement with Swiss bank Fiat24, unveiling a collaborative venture that introduces a crypto Visa card and an in-app banking service featuring US Coin (USDC) as the default deposit currency.

The joint initiative, announced on March 7, will be implemented in version 4.5.0 of the SafePal mobile wallet, contingent on approval from both Apple’s App Store and Google Play. Fiat24’s Co-founder, Yang Lan, highlighted a distinctive aspect of the crypto Visa card, explaining, “Unlike typical Visa cards, the transactions on-chain on [USDC] Arbitrum provide a transparent, immutable ledger with faulty transfers reversible—but faulty transfers can still be reversed with our banking system.”

Veronica Wong, CEO and Co-founder of SafePal, elaborated on the functionality of the USDC mobile wallet, indicating that users can transfer funds to accounts in traditional financial institutions. Additionally, the platform enables users to exchange cryptocurrencies across more than 40 blockchains into their bank accounts, utilizing fiat currencies such as the U.S. dollar, euro, or Swiss Franc for various transactions and expenses. Developers further said:

“After creating the bank accounts in the SafePal mobile wallet, the credentials are minted as NFTs on Arbitrum (an Ethereum Layer 2 rollup), ensuring all related transactions are securely and transparently recorded on-chain. The crypto Visa cards are also linked to third-party payment platforms like Paypal, Google Pay, Apple Pay, and Samsung Pay, enhancing the convenience for users.”

SafePal, currently operating as a self-custody wallet, boasts approximately 10 million users globally. In the wake of the crypto winter of 2021-2022, CEO Veronica Wong emphasized the growing importance of self-custody solutions, stating that “the malpractice of centralized platforms has indeed catalyzed the adoption of self-custody solutions. This should not just be a temporary surge of interest but a key impetus to strengthen the adoption of self-management for assets.”

The popularity of self-custody wallets has been on the rise since the downfall of centralized finance entities like FTX and Celsius. Notably, on December 7, 2023, Jack Dorsey’s Block introduced a self-custody wallet solution accessible in over 95 countries. Similarly, on August 10, 2023, cross-chain wallet BitKeep rebranded to Bitget Wallet following a $30 million investment from the exchange to expand its multichain swap platform.

Image by Miloslav Hamřík from Pixabay

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