TokenPocket, a global crypto wallet, is integrating Web3 banking infrastructure provided by Fiat24, a Swiss-regulated Web3 banking platform.
With over 600 million crypto owners worldwide, digital currencies are on the verge of mainstream adoption. However, while it’s easy to trade, stake and hold crypto, spending it in daily life remains challenging. Converting digital assets into fiat for purchases like coffee or groceries still involves complicated steps, including exchange fees and slow processing times. This gap between crypto wealth and real-world spending is a significant hurdle for broader adoption.
Offering a solution, TokenPocket is a multichain self-custodial wallet that supports Ethereum Virtual Machine (EVM)-compatible networks like Ethereum and BNB Chain, as well as non-EVM networks such as Bitcoin and Solana. Users maintain complete control of their crypto assets with recovery phrases and private keys securely stored on their devices.
The platform offers a mobile wallet, Chrome extension wallet and KeyPal hardware wallet, allowing easy access to over 1,000 networks and thousands of decentralized applications (DApps). Additionally, TokenPocket provides decentralized trading and on/off-ramp services to over 25 million users and more than 3.5 million monthly active users across 200 countries.
Decentralized banking solutions for crypto and fiat integration
Fiat24, a Swiss-regulated banking platform exclusively operating on the Arbitrum network, brings Web3 banking infrastructure to the forefront. Unlike traditional banks that rely on centralized servers and core banking software, Fiat24 leverages blockchain technology to record client ledgers onchain and uses smart contracts to manage operations. This decentralized approach seamlessly integrates with crypto wallets, providing users with a familiar banking experience while benefiting from the efficiency of Web3 technology.
Utilizing Arbitrum’s Long-Term Incentive Pilot Program, Fiat24 has onboarded thousands of new clients and forged partnerships with six wallet providers. Arbitrum network’s fast transaction speed and low gas fees allow Fiat24 to meet Visa and Mastercard’s stringent 1.5-second feedback requirement, ensuring every transaction is swift and cost-effective.
Simplifying crypto spending for everyday purchases
Born from the collaboration between TokenPocket and Fiat24, the TP Card operates on the Arbitrum network, giving users decentralized control over their card while allowing them to spend crypto easily in everyday life.
Fiat24’s Web3 banking features seamlessly connect crypto and fiat for TokenPocket users. Source: Fiat24
Currently available in 32 European countries and plans to expand to the Asia-Pacific region by the fourth quarter of 2024, the TP Card can be added to Apple Pay, Google Pay and other popular platforms, making crypto spending as convenient as using a traditional bank card.
The TP Card makes crypto spending seamless, from offline purchases to online shopping on platforms like Amazon and Grab and subscription services like Netflix and Spotify. The collaboration will distribute Arbitrum (ARB) tokens to ecosystem participants, and more features and benefits are on the horizon for users.
NFTs for secure banking
Fiat24’s system goes beyond simply converting crypto into fiat currency. At the heart of its offering is the concept of tokenized deposits, which are ERC-20 tokens representing real fiat currency deposits. These tokens can be transferred peer-to-peer or through traditional banking networks and can be spent directly in real life, effectively combining the benefits of both fiat and crypto.
In addition, Fiat24 uses ERC-721 non-fungible tokens (NFTs) as a unique client identification mechanism. Each NFT represents a user’s Swiss IBAN bank account, acting as both proof of ownership and the key to unlocking Fiat24’s banking services. This system ensures secure access to all transactions, with the NFT serving as the gateway for transfers, payments and account management.
Tokenized deposits merge the flexibility of crypto with the practicality of fiat, enabling real-world transactions through blockchain technology. Source: Fiat24
As Web3 payments continue to expand, financial regulators such as FINMA are increasingly focusing on security and compliance. Fiat24 addresses these regulatory concerns by offering a fully compliant solution that combines the advantages of blockchain technology with the safeguards required by traditional financial regulations.
The collaboration between Fiat24 and TokenPocket is just the beginning of a larger vision to reshape the financial landscape. By offering a decentralized banking system that integrates seamlessly with the real world, Fiat24 aims to become a critical infrastructure for the global DeFi ecosystem.
Fiat24 envisions becoming a cornerstone of global decentralized finance, bridging the gap between digital assets and everyday financial transactions. Such projects have the potential to set a new standard for how blockchain technology can integrate with traditional finance, driving the adoption of Web3 payments on a global scale.
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