TL; DR
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Hardware wallet maker SafePal just bought a bank so its users can bank with USDC instead of fiat, and use an Apple Pay-friendly debit card to spend their crypto.
Full story
In today’s “our phones are definitely listening to us” news:
Remember yesterday when we harped on about the importance of “smooth” fiat-to-crypto on on- and off-ramps?
Well, look at the headline that just appeared in our news feed:
“Crypto Wallet SafePal ventures into banking with new USDC Visa Card”
Here’s the gist of what’s happening:
SafePal creates hardware wallets (this calculator looks things out), and want to make the process of ‘moving cash to crypto’ smoother, so – get this:
They went out and bought a bank called Fiat24.
(Or at least heavily invested in it).
The result is: customers can have a bank account that stores USDC stablecoins, instead of real US dollars.
That seems insignificant at first glance, but it means that money has to be allocated each size can be moved seconds (and for pennies on the dollar), instead of to dawn (and for a 1-3% discount on the total amount moved).
Plus! They even give you a debit card that allows you to spend your crypto directly in stores.
That technically means you can now spend cryptocurrency via Apple Pay (we never thought we’d say those words).
But besides all that, here’s what we like most about this solution…
The ‘fiat-to-crypto’ transfer process will no longer exist in the end user’s mind. It all happens quietly in the background and at the time of payment, making crypto not only the cheaper option, but also the easier one.
We’d love to see it!
