With the approval of the BTC and ETH spot ETFs by the U.S. Securities and Exchange Commission, not only American users, but also Chinese users have begun to pay attention to and prepare to invest in crypto assets. However, due to policy restrictions and the complexity of acceptance channels, many Chinese users face many difficulties in actually using crypto assets.

For most investors, it is still a difficult problem to easily convert crypto assets into legal tender through traditional banking channels. Although some users choose to trade through OTC or third-party payment platforms, these channels are usually accompanied by higher fees and even face potential risks such as account freezing.

Therefore, for users in strictly regulated areas, the prerequisite for achieving widespread popularization and penetration of crypto assets is to be able to use crypto assets smoothly for consumption and transactions.

Against this background, SafePal launched the CeDeFi bank channel service, providing compliant legal tender acceptance solutions to facilitate users to use crypto assets in different scenarios in daily life.

Banking service introduction page of SafePal official website

SafePal, started with hardware wallets, but not limited to hardware wallets

In 2018, the crypto industry was in a stage of rapid development, and DeFi gradually began to emerge. However, security issues have become a bottleneck in the development of the industry. A large number of trading platforms and user wallets have been attacked by hackers, and the security of user assets cannot be guaranteed. Against this background, the founding team of SafePal started to develop hardware wallets to provide users with a safer tool for storing encrypted assets.

In 2019, SafePal's first hardware wallet, SafePal S1, quickly won the attention of the market with its high security, portability and affordable price, and became a new star in the field of hardware wallets in a short period of time. While developing the hardware wallet, SafePal also received strategic investment from Binance, the world's largest trading platform. Through cooperation with Binance, SafePal users can enjoy seamless connection to Binance's trading and financial management functions, and easily trade and manage assets in the wallet.

Although SafePal is famous for its hardware wallets, it does not limit itself to this. In order to meet the needs of a wider range of users, SafePal has successively launched software wallets SafePal App and browser plug-in wallets after 2020. Through these clients, users can conveniently manage a variety of crypto assets without purchasing hardware devices. SafePal App also has built-in trading applets and DeFi-related functions, allowing users to trade, conduct liquidity mining, and pledge operations directly in the wallet.

SafePal's development is not limited to the innovation of non-custodial wallets. In 2023, SafePal invested in Fiat24, a compliant bank licensed by the Swiss Financial Market Supervisory Authority (FINMA), laying a solid foundation for its CeDeFi bank channel service launched this year.

SafePal Crypto Bank Channel: Breaking the Dimensional Wall between Fiat Currency and Crypto Assets

In March 2024, SafePal officially integrated bank account services into its App. This feature allows users to apply to open a Swiss bank account with the same name as their own through the SafePal App, supported by Fiat24 Bank. Currently, the bank account supports four major currencies: US dollar, euro, Swiss franc and offshore RMB. In addition, users will also receive a virtual VISA or MasterCard multi-currency bank card, and physical cards will be launched in the future to provide users with more payment options and convenience. This card can support multiple payment methods such as Apple Pay, Google Pay, WeChat or Alipay, and can be used worldwide.

In addition to the regular bank transfer function, the bank account in the SafePal App also supports compliant fiat currency deposit and withdrawal services. This means that users can deposit stablecoins such as USDC and automatically convert them into fiat currencies such as US dollars, euros, offshore RMB, and vice versa. This feature allows users to easily switch between crypto assets and fiat currencies, breaking the long-standing dimensional wall between these two types of assets in a fully compliant manner, and further enhancing the availability and convenience of SafePal's banking channel.

In fact, the launch of SafePal's bank account service has a special appeal to domestic users.

SafePal provides a friendly account opening process. Users only need to submit their passport information through the SafePal App to quickly open an account. Android users can also use NFC ID cards for real-name authentication, further simplifying the process.

Secondly, SafePal solves the core problem of users in managing crypto assets, namely the compliance and convenience of funds in and out. SafePal not only provides a convenient exchange service between fiat currency and crypto assets, but also allows users to convert USDC into mainstream fiat currencies such as the US dollar and the euro, and supports the operation of offshore RMB accounts. For example, users can directly exchange USDC for offshore RMB in their bank accounts in the SafePal App or deposit offshore RMB in their other accounts into SafePal bank accounts, and bind the Master virtual bank card that will be launched in the future to WeChat Pay or Alipay for daily consumption. When spending in mainland China, offshore RMB in the account will be used first, and the statement will be clear. This innovative feature breaks the limitation of traditional crypto cards that are limited to consumption scenarios, allowing Chinese users to manage and use crypto assets more freely on a global scale.

In addition, the fees for SafePal account services are extremely competitive. Users can purchase crypto assets through SafePal accounts at a rate as low as 0, which is more cost-effective than other common purchase channels. In addition, users can also freely transfer funds from their bank accounts to other bank accounts, such as through international payment platforms such as Wise, to achieve more flexible fund operations, further expanding the user's choice space. In addition, SafePal has also introduced different account levels and provided corresponding level rights and rate discounts. Users can accumulate points and unlock different level rights through recharging, recommending friends, staking SFP, etc.

Partial interface of SafePal bank channel service

Low risk and low fee: Product features of SafePal crypto bank channel and U card comparison

Compared with other stored value cards in the crypto industry such as U cards, SafePal's bank account service has obvious advantages. Traditional U cards are usually just pre-charged cards. Users need to deposit funds into the card in advance. The funds are managed by the card issuer. Users do not have independent bank accounts. The cards are only used for consumption and do not support transfer or withdrawal operations. This means that if there is a problem with the corporate account of the card issuer, all users' cards will be affected and the security of funds cannot be guaranteed.

The advantage of SafePal bank accounts is that users have independent bank accounts and cards, and the security of funds is completely in their own hands. Even if the user loses the bank card, the security of the account funds will not be affected in any way.

Even when facing similar products, SafePal still has significant competitive advantages. Compared with competitors such as Dupay and Hyperpay, SafePal does not charge account opening fees and management fees. In addition, SafePal's acceptance fee rate is only 0%-1%, which is much lower than Dupay's 1.2%-1.6% and Hyperpay's 2%. This low-fee structure makes SafePal more attractive to users, especially those who frequently accept funds.

In order to attract more users, SafePal announced that users who successfully opened an account before December 31, 2024 will enjoy a 90-day zero-fee period for fiat currency deposit and withdrawal fees, and subsequent recommendation of other users to open accounts can also obtain further extensions of the commission-free period and other superimposed benefits.

In the payment scenario, SafePal's localization support is also a highlight. SafePal supports Alipay and WeChat Pay. This seamless connection eliminates the cumbersome steps in traditional cross-border payments and provides great convenience for users.

Overall, SafePal provides a compliant and convenient crypto asset management solution for global users through its CeDeFi bank channel service. Through this service, users truly have a crypto-friendly bank account, can seamlessly exchange multiple fiat currencies and cryptocurrencies at any time, and can also realize daily consumption by binding WeChat Pay and Alipay. This innovation breaks the bottleneck of traditional crypto asset exchange and payment, makes the experience of crypto assets smoother, and further promotes the popularization and penetration of crypto assets.

Compared with other similar products on the market, SafePal has lower deposit and withdrawal fees, higher security and independent account advantages. Combined with the non-custodial hardware and software wallets provided by SafePal, as well as built-in transactions and DeFi functions, SafePal's service scenarios are more diverse and rich, laying a more solid foundation for its goal of "helping crypto asset users to safely and conveniently manage and grow Web3 wealth."

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