SafePal, a self-custodial cryptocurrency wallet, has launched its Mini App wallet on Telegram. This move marks a significant entry into the platform’s growing crypto ecosystem. The announcement occurred on November 2, following a pre-launch reveal during a keynote at the TON Gateway event focused on The Open Network (TON).
A Compliant Crypto Wallet for Telegram Users
The new Mini Wallet App aims to offer 950 million Telegram users the chance to create individually owned, compliant, crypto-friendly Swiss bank accounts. SafePal states that the app will enable users to establish “fully compliant bank accounts” licensed by the Swiss Financial Market Supervisory Authority (FINMA.
Innovative Features: CeDeFi and Digital Visa Cards
Scheduled to go live in November, SafePal’s wallet claims to be the first Telegram Mini App to incorporate centralized-decentralized finance (CeDeFi) principles. Moreover, it will facilitate transactions through a digital crypto Visa card. This strategic move aligns with the rising popularity of tap-to-earn Telegram games, which have seen remarkable growth in 2024.
Leveraging Telegram’s Reach
Veronica Wong, co-founder and CEO of SafePal, emphasized how effectively Telegram connects users with the Web3 industry. While many existing apps focus on entertainment and rewards, Wong stressed the goal of leveraging the platform to address critical issues. Specifically, these include improving access to crypto-friendly and compliant banking for Telegram’s vast user base.
Simplified KYC and Onboarding Process
To access their bank accounts and link them to a digital Visa card, users must complete a Know Your Customer (KYC) process and onboarding checks. Importantly, Fiat24, a Swiss-licensed deposit-taking fintech, will facilitate this process. SafePal assures users they will face “no account or management fees.” Additionally, Fiat24 will manage registration data and cash accounts separately. This setup helps maintain decentralization and user anonymity.
Comprehensive Wallet Support Features
SafePal’s Mini Wallet App will allow users to send, receive, deposit, and withdraw both crypto and fiat currencies within the Telegram interface. Furthermore, the company plans to introduce a swap function to enhance interoperability across over 100 blockchains. In addition, SafePal aims to expand into European and Asia-Pacific markets. They are targeting a digital Mastercard launch in the last quarter of 2024.
Strengthening the TON and Telegram Ecosystem
In addition to the Mini Wallet App, SafePal has introduced a co-branded hardware wallet to enhance security within the TON and Telegram ecosystem. This aligns with a broader trend as several crypto firms have started launching wallet apps on messaging platforms. For example, on October 31, Bitget, a major global crypto exchange, unveiled its wallet on Telegram, following other exchanges like OKX.
Conclusion: A Positive Shift for Crypto Adoption
Wong noted the positive implications of wallet builders recognizing Telegram’s potential for onboarding users into Web3. With a shared focus on interoperability, the increasing number of wallet solutions available on the platform could facilitate better asset management across various blockchains. Ultimately, this development fosters a more inclusive crypto environment for users worldwide.
