Self-custodial crypto wallet provider SafePal has entered Telegram’s expanding crypto ecosystem with the launch of its new Mini App wallet. This integration allows Telegram’s 950 million users to access crypto-friendly, compliant digital banking services directly within Messenger.
SafePal’s Mini Wallet: A Gateway to CeDeFi Banking
On Nov. 2, SafePal officially launched its Telegram Mini Wallet App after a keynote announcement at the TON Gateway event, celebrating the ecosystem of The Open Network (TON). The new app offers a unique feature for Telegram users: the ability to create individually-owned, Swiss-compliant digital bank accounts.
The app aims to create what SafePal describes as “fully compliant bank accounts” licensed by the Swiss Financial Market Supervisory Authority (FINMA), marking the first CeDeFi (centralised-decentralised finance) wallet integration of its kind on Telegram. Through this model, SafePal is enabling users to link their accounts to a digital Visa crypto card, facilitating seamless transactions within the app.
According to Veronica Wong, SafePal co-founder and CEO, Telegram’s platform offers an effective bridge between traditional and decentralised financial services. “While other apps provide entertainment and rewards, our focus is to leverage Telegram to tackle critical issues like accessibility to compliant, crypto-friendly banking for over 950 million users,” she explained.
Seamless KYC and Onboarding Through Fiat24
To facilitate compliant banking, SafePal’s Mini Wallet App incorporates Know Your Customer (KYC) checks through its partnership with Fiat24, a Swiss licensed deposit-taking fintech. Once users complete KYC and onboarding, they can link their accounts to a digital Visa card, making the wallet usable across various services within the Telegram ecosystem.
This KYC process will be supported in regions such as the European Economic Area (EEA), including Switzerland, as well as selected Asia Pacific countries like China, Singapore, Indonesia, and Thailand. SafePal stated that Fiat24 handles background checks and securely stores user data, accessible only to necessary departments to comply with FINMA’s banking regulations.
Expanding Services and Blockchain Interoperability
With SafePal’s wallet, users can send, receive, deposit, and withdraw both crypto and fiat currencies within the Telegram app. The company plans to introduce a swap feature to enhance interoperability across over 100 blockchains, paving the way for multi-chain asset management within one platform.
Looking ahead, SafePal intends to expand to more regions in Europe and Asia-Pacific and is targeting the launch of a digital Mastercard card in late 2024. Additionally, SafePal is offering a co-branded hardware wallet to enhance security within the TON and Telegram ecosystem.
SafePal is the latest of several crypto firms to launch wallet apps on Telegram. On Oct. 31, the crypto exchange Bitget also unveiled its own wallet integration on Telegram, joining other platforms like OKX. Commenting on the trend, Wong remarked, “It’s positive to see other wallet providers recognize Telegram’s effectiveness in onboarding users into Web3, with many focusing on interoperability for cross-chain asset management.”
SafePal’s integration represents a significant step in blending social connectivity with the financial inclusivity of decentralised finance, potentially bringing compliant, accessible banking solutions to millions worldwide through Telegram’s vast network.
