Self-custodial cryptocurrency wallet SafePal is joining Telegram’s rapidly growing crypto ecosystem by launching a Mini App wallet on Messenger.
SafePal officially introduced its Telegram Mini Wallet App on Nov. 2 after announcing pre-launch during a keynote at the TON Gateway event dedicated to The Open Network (TON) ecosystem.
According to an announcement shared by SafePal, its new Mini Wallet App will enable 950 million Telegram users to create individually owned and compliant crypto-friendly Swiss bank accounts.
A crypto wallet app featuring “compliant bank accounts”
Set to go live in November, SafePal’s new crypto wallet on Telegram will allow users to create “fully compliant bank accounts” licensed by the Swiss Financial Market Supervisory Authority (FINMA), SafePal said in the announcement.
It also claimed that the wallet is the first Telegram Mini App that features principles of centralized-decentralized finance (CeDeFi) and offers transactions with a digital crypto Visa card.
Centralized finance (CeFi) versus decentralized finance (DeFi) and centralized-decentralized finance (CeDeFi). Source: SafePal
SafePal’s decision to move into Telegram’s crypto ecosystem comes amid surging adoption of tap-to-earn Telegram games, which have seen massive growth in 2024.
According to SafePal co-founder and CEO Veronica Wong, such apps have proved the effectiveness of Telegram in connecting users with the Web3 industry. She stated:
“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.”
KYC and onboarding process
According to the announcement, users can access their bank accounts and link them to a digital Visa card after completing the Know Your Customer (KYC) checks and onboarding process.
That process would be served by the Swiss licensed deposit-taking fintech, Fiat24, through SafePal’s Telegram wallet app “without any account or management fees,” the firm stated.
“Registration data and cash accounts are also managed separately by Fiat24, maintaining the decentralization and anonymity offered in the SafePal non-custodial wallet suite,” SafePal noted.
Wallet support features and plans
With SafePal’s new wallet, users can send, receive, deposit and withdraw crypto and fiat currency within the Telegram wallet app. According to SafePal, the firm plans to introduce a swap function that improves interoperability across more than 100 blockchains.
The company also plans to expand to countries in Europe and the Asia–Pacific region, targeting the launch of a digital Mastercard card in the last quarter of 2024.
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SafePal has also launched an official co-branded hardware wallet as part of its collaboration efforts to strengthen security for the TON and Telegram ecosystem.
In launching its Mini Wallet App on Telegram, SafePal joined the growing number of crypto firms launching crypto wallet apps on Messenger.
On Oct. 31, major global crypto exchange Bitget officially launched its wallet on Telegram, following the steps of exchanges like OKX.
“It is definitely net-positive to see other wallet builders acknowledge the effectiveness of Telegram in onboarding users into Web3, but the common focus seems to be on interoperability to manage assets across different blockchains,” SafePal’s Wong noted.