Independent Custody Wallet
After creating a bank account on the SafePal mobile wallet, credentials are minted as NFTs on Arbitrum (Ethereum Layer 2 rollup), ensuring all related transactions are recorded securely and transparently on-chain. "Visa crypto cards are also linked to third-party payment platforms such as Paypal, Google Pay, Apple Pay and Samsung Pay," he explained.
SafePal currently operates as an independent custody wallet, and claims to have around 10 million users worldwide. Shortly after the crypto winter of 2021-2022, Veronica Wong said that the malpractices of centralized platforms had indeed driven the adoption of self-custody solutions, in order to strengthen the implementation of self-management for assets.
Since the fall of centralized financial entities like FTX and Celsius, self-custody wallets have grown in popularity. On December 7, 2023, Jack Dorsey Block launched a self-custodial wallet solution with access in over 95 countries.
On August 10, 2023, cross-chain wallet BitKeep changed its name to Bitget Wallet after securing a USD 30 million investment from the exchange to develop its multi-chain exchange platform.