SafePal, a self-custodial cryptocurrency wallet, has unveiled its Mini Wallet App on Telegram, enhancing the platform's crypto ecosystem. Announced on Nov. 2 at the TON Gateway event, this move enables 950 million Telegram users to access individually owned crypto-friendly bank accounts licensed in Switzerland.

The SafePal Mini Wallet App, set to go live this month, stands out as it offers “fully compliant” Swiss bank accounts supervised by the Swiss Financial Market Supervisory Authority (FINMA). This integration marks Telegram’s first CeDeFi (Centralized-Decentralized Finance) wallet, combining traditional finance compliance with decentralized asset control. Users can transact with a digital Visa card directly within Telegram, expanding the utility of the app.

SafePal’s CEO, Veronica Wong, emphasized Telegram's value in connecting users to Web3, stating that while Telegram games have boosted engagement, SafePal aims to provide secure, compliant banking access. Through collaboration with the Swiss-licensed fintech Fiat24, SafePal’s wallet offers bank accounts and Visa card links without management fees, maintaining decentralization and user anonymity.

SafePal’s Telegram wallet supports sending, receiving, depositing, and withdrawing both crypto and fiat currencies. A swap function for over 100 blockchains is also in development, and the company plans to release a digital Mastercard by late 2024, with expansion plans for Europe and the Asia-Pacific region.

Joining other exchanges like Bitget and OKX in Telegram’s crypto ecosystem, SafePal’s launch highlights the growing trend of integrating blockchain wallets into social platforms, boosting accessibility and interoperability across blockchain networks.