After the creation of the bank account, credentials are minted as NFTs on Arbitrum network.
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:
