Singaporean fintech SafePal has partnered with Swiss bank Fiat24 to launch a crypto Visa card and in-app banking service, with USDC as the default deposit currency. The service, announced on March 7, will be available in version 4.5.0 of the SafePal mobile wallet, pending approval from Apple’s App Store and Google Play. The card transactions are on-chain on the Arbitrum network, offering a transparent and immutable ledger. Users can create a USDC mobile wallet, send funds to traditional financial institutions, swap crypto across more than 40 blockchains, and use fiat money for transactions. Bank account credentials are minted as NFTs on Arbitrum, ensuring secure and transparent transaction recording. The crypto Visa cards are also compatible with third-party payment platforms like PayPal and Apple Pay. SafePal, a self-custody wallet, claims to have around 10 million users worldwide. The popularity of self-custody wallets has increased following the collapse of centralized finance entities like FTX and Celsius. Other companies, such as Jack Dorsey’s Block and Bitget Wallet, have also launched self-custody wallet solutions.

USDC

Singaporean fintech SafePal has made an investment into Swiss bank Fiat24 and jointly launched a  crypto Visa card and in-app banking service with US Coin ( USDC ) as the default deposit currency. According to the March 7 announcement, the feature will be live on version 4.5.0 of the SafePal mobile wallet, subject to approval from Apple’s App Store and Google Play. "Unlike typical Visa cards, the transactions on-chain on [USDC] Arbitrum provide a transparent, immutable ledger with faulty transfers reversible—but faulty transfers can still be reversed with our banking system," said Yang Lan, co-founder of Fiat24. Meanwhile, Veronica Wong, CEO and co-founder of SafePal, explained that after users create a USDC mobile wallet, the funds can then be sent to accounts at traditional financial institutions. In addition, users can swap crypto across more than 40 blockchains into their bank accounts and use fiat money, like the U.S. dollar, euro, or Swiss Franc, for transactions and expenses. Developers further stated: "After creating the bank accounts in the SafePal mobile wallet, the credentials are minted as NFTs on Arbitrum (an Ethereum Layer 2 rollup), ensuring all related transactions are securely and transparently recorded on-chain. The crypto Visa cards are also linked to third-party payment platforms like Paypal, Google Pay, Apple Pay, and Samsung Pay, enhancing the convenience for users." SafePal currently operates as a self-custody wallet and claims it has approximately 10 million users worldwide. Shortly after the crypto winter of 2021-2022, the firm's CEO Veronica Wong told Cointelegraph that "the malpractice of centralized platforms has indeed catalyzed the adoption of self-custody solutions. This should not just be a temporary surge of interest, but a key impetus to strengthen the adoption of self-management for assets." Since the collapse of centralized finance entities such as FTX and Celsius, self-custody wallets have been rising in popularity. On Dec. 7, 2023, Jack Dorsey’s Block launched a self-custody wallet solution with access in over 95 countries. On Aug. 10, 2023, cross-chain wallet BitKeep changed its name to Bitget Wallet after securing a $30 million investment from the exchange to grow its multichain swap platform. Related: How to set up and create an Ethereum wallet 

SafePal and Fiat24 Launch USDC-Powered Crypto Visa Card