SafePal, a leading crypto hardware wallet provider, has announced a strategic partnership with Swiss bank Fiat24 to offer in-app banking services and Visa cards linked to users' crypto holdings. This move aims to bridge the gap between the crypto ecosystem and traditional finance, simplifying how users can spend and manage their digital assets.🚀💳
Key features of the new offering include:
Individually owned, compliant bank accounts: Users can create bank accounts directly within the SafePal app, eliminating the need for separate applications and management fees.💼💰
USDC as the default currency: The accounts utilize the USDC stablecoin, pegged to the US dollar, for seamless transactions and avoiding crypto price fluctuations.💵💱
Frictionless conversion and spending: Users can easily swap their crypto holdings into USDC and spend them using the linked Visa card, compatible with popular payment platforms like PayPal, Google Pay, and Apple Pay.💳💸
Introducing Points, Account Tiers and Privileges
SafePal banking gateway account holders can earn points by performing various tasks to unlock additional benefits and privileges, like referral commissions and better top-up fee rates.The account tiers and corresponding privileges will automatically be activated once the point criteria is met.
On the 1st of each month, account tiers for each user will be assessed and determined by the total points earned in the previous 3 months. After the account tier assessment on the 1st of each month, points earned more than 2 months ago will be reset to zero.
For example， on April 1st, the total points earned from January to March will be calculated. If the points reach 3000, your account tier for April will be Silver. After the tier assessment on April 1st, the points for January will be reset to zero, while the points for February and March will be retained.
The following are different ways to boost the points for account tiers and their respective calculation mechanisms:
1) Account Top Up
The top-up fee discount is implemented through a rebate mechanism. For example, Silver tier users will still pay the standard 1% rate when depositing, and will get the 0.1% rebate once the top-up is complete. The fee rebates will be sent to the ‘Total Rewards’ pool for corresponding user accounts and can be withdrawn.
2) Referral Commissions
After referring others to use the bank service, referrers will earn referral commissions from the top-up fees of referred users indefinitely. The percentage earned on referral commissions will depend on the account tiers of the referrers, as shown in the account tier introduction in the earlier section of this article.The commission will also be sent to the ‘Total Rewards’ pool for corresponding accounts and can be withdrawn as well.
Here are the terms and conditions to qualify for a successful referral:
1. Referred users need to enter the invitation code within 7 days of the account being opened
2. Referred users must top up their account balance with a minimum accumulated amount of 100 USDC within 30 days of opening the account
Secure and transparent transactions: Bank account credentials are minted as NFTs on the Arbitrum blockchain, ensuring secure and transparent record-keeping.🔒🔗
This innovative integration addresses a major hurdle for crypto adoption: the difficulty of using digital assets in everyday life. By providing a user-friendly and compliant solution, SafePal empowers individuals to leverage the benefits of crypto while enjoying the convenience of traditional banking experiences.🛡️💼
Initially, the Visa cards will be available in select European regions, with a broader rollout planned across the continent. The in-app banking gateway will be accessible globally, excluding the United States and sanctioned countries.
SafePal's CEO, Veronica Wong, highlights the significance of this initiative: "While this may seem like an unexpected move for a decentralized wallet provider, we recognize that accessibility is a critical challenge hindering crypto adoption. This integration provides a user-friendly banking experience for retail users, eliminating the limitations often encountered with traditional banks."
Free1Btc believes that SafePal's strategic partnership with Fiat24 represents a significant step forward in bridging the gap between crypto and traditional finance. By offering a user-centric and compliant solution, SafePal is paving the way for wider crypto adoption and empowering individuals to take control of their financial future." 🌐📈"
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