SafePal has officially launched its new Telegram Mini Wallet App, announced during the TON Gateway event on Nov. 2. This app allows Telegram’s 950 million users to create individually owned and compliant crypto-friendly bank accounts.
The app is set to go live this month and will enable users to establish bank accounts compliant with the Swiss Financial Market Supervisory Authority (FINMA). SafePal claims it is the first Telegram Mini App to integrate principles of centralized-decentralized finance (CeDeFi). Users will also have the ability to transact using a digital Visa card, providing an efficient method for managing cryptocurrencies and fiat currency.
In the press release, SafePal co-founder and CEO Veronica Wong 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.”
The app will facilitate the onboarding process through Know Your Customer (KYC) checks, managed by Swiss fintech Fiat24. This partnership ensures that user registration data and cash accounts are kept separate.
In addition to core functionalities like sending, receiving, depositing, and withdrawing crypto and fiat, SafePal plans to introduce a swap function for enhanced interoperability across more than 100 blockchains.
The company has ambitious goals for international expansion, targeting launches in Europe and the Asia-Pacific region. A digital Mastercard is expected to roll out in the last quarter of 2024.
SafePal’s new app joins other crypto companies that are using Telegram for their wallets. For example, Bitget recently launched its Telegram App Center, featuring over 600 mini-apps. This center allows users to explore new airdrop opportunities, trending communities, and play-to-earn games directly from their Bitget accounts.
Also Read: Tomo Inc. Introduces Tomo Telegram Wallet, a Multi-Chain Wallet in Telegram
