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With Visa’s latest cryptocurrency card, users can convert digital assets from over 40 blockchain networks into USDC, subsequently withdrawing funds to bank accounts or utilizing them for purchases of goods and services.
The FinTech firm SafePal, based in Singapore, has declared a strategic investment in the Swiss bank Fiat24. This collaboration has enabled the companies to introduce a banking gateway for Visa’s virtual cryptocurrency card. After establishing a bank account, user credentials are preserved on the Arbitrum blockchain network as an NFT.
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The primary deposit currency is USDC, which can be transformed into digital assets across more than 40 blockchain networks due to the integration with SafePal’s non-custodial crypto wallet. Through the banking gateway, stablecoins can be exchanged for fiat currencies such as U.S. dollars, euros, or Swiss francs. The new crypto card permits users to withdraw digital assets to bank accounts or spend them on goods and services, including through payment systems like PayPal, Google Pay, Apple Pay, Samsung Pay, and others that accept Visa.
The banking gateway and the crypto card will initially be rolled out in select areas of Europe, with plans for expansion across the entire continent and other regions, excluding the U.S. and nations under U.S. sanctions. The roster of supported countries will be updated regularly. Furthermore, SafePal and Fiat24 intend to launch a comparable crypto card on the Mastercard network in Q3 2024.
Numerous FinTech companies and banks have been issuing crypto bank cards in various parts of the world for several years. For instance, in 2023, commercial banks in Uzbekistan obtained regulatory approval to issue cryptocurrency cards on the Mastercard network. Additionally, crypto wallet developer Stables and Mastercard released a prepaid crypto card for users in Australia. A year prior, Mastercard entered into an agreement with the BitOasis platform, leading to the issuance of a crypto card for residents of the Middle East and North Africa (MENA).
Сообщение SafePal and Fiat24 Launch Crypto Visa Card появились сначала на CoinsPaid Media.
