SafePal Launches Telegram Crypto Wallet with Swiss Bank and Visa

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Table of Content

In today edition we talk about

• Ethereum Researchers Resign from EigenLayer to Avoid Conflict of Interest Concerns

• NFT Market Rebounds with 18% Sales Surge, Solana Nears $6B in All-Time Volume

• UBS Introduces Tokenized Money Market Fund on Ethereum Blockchain

• SafePal Launches Telegram Crypto Wallet with Swiss Bank and Visa Card Integration

Ethereum Researchers Resign from EigenLayer to Avoid Conflict of Interest Concerns

Ethereum researchers Justin Drake and Dankrad Feist announced they have stepped down as advisors for the EigenLayer restaking protocol, citing concerns about neutrality. Both had received significant compensation in Eigen tokens for their advisory roles, raising questions around potential conflicts of interest. The move follows the Ethereum community’s demand for clarity on Ethereum Foundation's conflict of interest policies, which were promised but remain unpublished.

In their statements on social media, both researchers apologized to the Ethereum community, with Drake acknowledging that his advisory role was a "bad move." He added that he would now avoid all external advisorships and investments to maintain focus on Ethereum’s core mission.

EigenLayer, one of the top DeFi projects on Ethereum by Total Value Locked (TVL), saw a drop in its token price following the announcements. Ethereum Foundation's executive director Aya Miyaguchi assured the community that a formal conflict of interest policy is still in the works.

NFT Market Rebounds with 18% Sales Surge, Solana Nears $6B in All-Time Volume

In October, the NFT market saw a significant uptick, with sales volumes rising 18% to reach $356 million, ending a seven-month decline. This increase follows a low point in September, which marked the weakest monthly performance since 2021. NFT transaction numbers also surged, with over 7.2 million recorded in October, up 42% from September’s total.

The boost in activity was highlighted by strong weekly sales, with the highest week in early October generating $84 million. Notable collections like Mythos Chain-based DMarket and Immutable's Guild of Guardians Heroes led sales, contributing $33 million and $13 million, respectively. Popular Bitcoin and Ethereum collections, including Bored Ape Yacht Club and CryptoPunks, also saw robust activity.

Solana-based NFTs contributed significantly, with a monthly sales volume of $67 million, bringing its cumulative sales close to $6 billion. Solana remains the second-largest blockchain for NFT sales, capturing 19% of October’s total NFT market volume.

UBS Introduces Tokenized Money Market Fund on Ethereum Blockchain

UBS, the world’s largest private bank, has launched its first tokenized fund, the UBS USD Money Market Investment Fund Token, or "uMINT," on the Ethereum blockchain. This move follows similar tokenization efforts by BlackRock and Franklin Templeton, as major financial players explore blockchain-based real-world asset investments.

The fund offers access to high-quality money market instruments with a conservative risk approach, though UBS has not specified the exact assets. According to UBS, investor interest in tokenized assets is rising, particularly on Ethereum, which now hosts over $3 billion in tokenized real-world assets, with U.S. Treasury debt being a significant portion.

The tokenized asset market on Ethereum has grown 4% in the past month, led by BlackRock’s $BUIDL, valued at over $523 million, and Franklin Templeton’s $FOBXX, with a market cap of around $408 million.

SafePal Launches Telegram Crypto Wallet with Swiss Bank and Visa Card Integration

SafePal has introduced a new Mini Wallet App on Telegram, allowing its 950 million users to open compliant crypto-friendly Swiss bank accounts and manage digital assets directly within the messaging platform. Officially announced on Nov. 2 at the TON Gateway event, SafePal’s app enables users to set up bank accounts licensed by the Swiss Financial Market Supervisory Authority (FINMA) and link them to a digital Visa card for transactions.

This Telegram wallet is the first to integrate centralized-decentralized finance (CeDeFi) principles, and supports sending, receiving, depositing, and withdrawing both crypto and fiat. Users can access these features after a streamlined KYC process, managed by Swiss fintech Fiat24.

SafePal’s CEO, Veronica Wong, emphasized the potential of Telegram to connect users with Web3 solutions, including secure and compliant banking. SafePal plans to expand services to Europe and Asia-Pacific, adding a digital Mastercard option by late 2024. SafePal joins other crypto firms in leveraging Telegram’s reach, following launches from platforms like Bitget and OKX.

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