India-based cryptocurrency wallet SafePal has launched an in-app banking gateway and a Visa card following an investment in Swiss bank Fiat24. SafePal aims to address the accessibility challenges associated with cryptocurrency usage by introducing new services to facilitate crypto adoption.

In a strategic move, SafePal has invested in Swiss bank Fiat24, paving the way for the launch of an in-app banking gateway and a linked virtual crypto Visa card. These initiatives are designed to attract more users to Web3 and facilitate the integration of crypto into real-world transactions. To ensure compliance with Swiss banking regulations set by the Financial Market Supervisory Authority (FINMA), registration data for the new services will be securely stored by Fiat24.

The cash accounts will also be operated separately, maintaining the decentralisation and anonymity offered by SafePal's non-custodial wallet suite. Initially, the banking gateway and Visa card will be introduced in select regions of Europe before expanding to the entire continent and other countries, excluding the USA and US-sanctioned nations. SafePal and Fiat24 plan to further expand their services globally, including the introduction of Mastercard services in the third quarter of this year.

Key features of the SafePal Banking Gateway and Visa card Some of the primary features of the new gateway and Visa card include: No annual fees for opening and managing Swiss bank accounts.  Integration of cryptocurrency for daily expenses and seamless transfers between bank accounts.  Compatibility with third-party payment platforms such as PayPal, Google Pay, Apple Pay, and Samsung Pay.  Transparent transaction tracking through NFT minting on Arbitrum (an Ethereum Layer 2 solution). Additionally, users will benefit from the stability of USDC as the default deposit cryptocurrency, allowing for smooth transactions across various expenses. SafePal introduces a points-based system for banking gateway account holders, allowing them to earn points by performing tasks to unlock additional benefits and privileges.

Account tiers and corresponding privileges are determined based on the total points earned over the previous three months. Furthermore, users can earn referral commissions and receive fee rebates based on their account tier. Staking SFP (SafePal's utility token) allows account holders to boost their points and unlock higher tiers and benefits.

The lock-in period for staking is 90 days, with no early redemptions allowed. The introduction of these services marks SafePal's commitment to providing practical solutions for crypto users, enhancing the utility of SFP, and supporting users on their crypto journey. Eligible users can access the banking gateway through the SafePal app, with account details accessible from the 'Bank' tab.

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