​SafePal, a leading self-custody cryptocurrency wallet provider, has expanded its reach by launching a mini-app wallet on Telegram, enabling 950 million users to create Swiss bank-backed crypto accounts compliant with global regulations. This strategic move aligns with Telegram’s growing role as a hub for Web3 adoption and positions SafePal as a pioneer in blending centralized and decentralized finance (CeDeFi) principles.

​​Telegram’s Crypto Ecosystem Gains Regulatory Muscle​​
The new SafePal wallet, launched on November 2, 2024, allows Telegram users to open Swiss Financial Market Supervisory Authority (FINMA)-licensed accounts, ensuring compliance with anti-money laundering (AML) and know-your-customer (KYC) standards. Unlike typical decentralized wallets, SafePal integrates traditional banking features, such as Visa card transactions, while maintaining non-custodial security. This hybrid model addresses regulatory concerns and appeals to users seeking both flexibility and legal assurance.

​​Seamless Onboarding and Cross-Chain Interoperability​​
Users can link their digital Visa cards after completing Fiat24’s KYC checks, which are stored separately to comply with Swiss banking laws. The wallet supports crypto transactions across 100+ blockchains and plans to introduce a digital Mastercard by Q4 2024. Notably, SafePal’s partnership with Fiat24 streamlines account management without compromising decentralization—a critical feature for privacy-focused Telegram users.

​​Competition Heats Up in Telegram’s Wallet Space​​
SafePal joins Bitget and OKX in capitalizing on Telegram’s massive user base. Bitget’s wallet gained 6 million users within three days of launch, while OKX offers decentralized exchange (DEX) trading for 100+ chains. CEO Veronica Wong emphasized that interoperability between blockchains remains a shared focus among developers, ensuring users can manage diverse assets effortlessly.

​​Security Upgrades: Hardware Wallets and Beyond​​
To bolster trust, SafePal introduced a co-branded hardware wallet, enhancing security for TON and Telegram ecosystems. This move responds to rising demand for safeguards against hacking and fraud, particularly as Telegram becomes a hotspot for crypto scams.

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SafePal’s Telegram wallet bridges the gap between decentralized finance and regulated banking, offering a compliant gateway for millions into the crypto economy. As competitors like Bitget and OKX vie for dominance, SafePal’s FINMA-backed model sets a new standard for secure, user-friendly Web3 integration.