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Sead Fadilpašić
Journalist
Sead Fadilpašić
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Non-custodial wallet SafePal has upgraded the Secure Element chipsets in its full hardware wallet line and launched its Telegram Mini-wallet with a banking gateway and Mastercard functionality.
According to the press release shared with Cryptonews, the team has upgraded the Secure Element chipsets from CC EAL (Common Criteria Evaluation Assurance Level) 5+ to CC EAL 6+. Its purpose is to safeguard sensitive financial information in payment transactions by protecting data privacy and preventing physical tampering and fraud.
Furthermore, the SafePal explained that EAL certifications signifies a thorough security assessments completed by third parties based on the Common Criteria standard.
The team went on to say that this upgrade to CC EAL 6+ “elevates the SafePal hardware wallet line beyond traditional financial industry standards.” The reason, they claim, is that EAL level for credit card chips is usually EAL 4+ or EAL 5+.
Additionally, the team has made security updates for the software and mobile wallet. This includes data parsing and transaction simulation for decentralized applications (dapps), among other features.
Data parsing allows users to verify transactions when using the Safe (formerly Gnosis) multisig. Dapp transaction simulation allows users to see what will happen to assets should they sign the transaction.
Meanwhile, the announcement says that the team decided on these upgrades due to significant security-related concerns.
Veronica Wong, CEO and co-founder of SafePal, argues that these concerns have been growing because of massive events such as the $1.4 billion Bybit hack.
“The crypto security landscape needs to be constantly evolving together with accessibility to ensure users remain safe,” Wong said. “We’re excited to be offering these enhancements for our hardware wallets while maintaining the same affordable prices.”
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Team Releases Telegram SafePal Mini
Besides the upgrade, SafePal has also released its Telegram Mini-wallet, SafePal Mini. The announcement claims that this is the first Telegram Mini-Wallet App with a banking gateway and digital crypto Mastercard.
The team has completed beta testing, saying that it designed the live release “to enhance accessibility to compliant and crypto-friendly banking to over 950 million Telegram users.”
Moreover, SafePal Mini users will be able to send and receive crypto on over 40 blockchains including Ethereum, TON, BNB Chain, Arbitrum, and Base. It will add other blockchains, such as Solana, in the upcoming updated.
At the same time, the banking gateway function allows users to onramp crypto with US dollars, Euros, Swiss Francs, and Chinese Yuan with individually-owned compliant bank accounts licensed by the Swiss financial regulator FINMA.
Furthermore, they’ll be able to link their bank accounts to a digital Mastercard supported by payment providers such as PayPal, Apple, Google, and Samsung Pay.
The banking gateway service coverage will continue to expand to additional countries in Europe and APAC, says the team. They also plan to add a swap function.
The WalletConnect Connection
Meanwhile, in August 2024, SafePal launched SFPlus, a new staking dapp and hub that enables its users to stake the native SFP to earn score privileges within the SafePal ecosystem.
Now, the team says that it recently partnered with the open-source protocol WalletConnect for SFPlus to “strengthen tokenomics” for SFP and integrated blockchains.
At the time of writing, SFP is down 9.2% to $0.4512. It decreased by 8.6% in a week, 22% in a month, and 38% in the past year.
The coin saw its all-time high of $4.19 in February 2021 and is down 89% since. It’s also up 68.5% from its all-time low recorded in June 2022.
Meanwhile, SafePal is a non-custodial wallet suite backed by YZI Labs (formerly Binance Labs), Animoca Brands, and SuperScrypt. It says it has over 20 million users at the time of this latest announcement across 200 regions and countries in 16 languages.
In March 2024, it made a strategic investment in Swiss bank Fiat24, aiming to provide users with a banking gateway to pay for expenses using digital assets and transfer funds to compliant banks.
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