Benzinga - Smart wallet infrastructure provider Safe announced on Thursday a partnership with Monerium, an on-chain fiat issuer, to integrate the latter's Web3 IBAN and EURe fiat on/off-chain payments directly into individual Safe smart accounts.
The company stated this partnership was happening while Safe approached $60 billion in digital assets secured across various chains.
The integration of Monerium's services would allow crypto-native organizations to reduce their reliance on centralized custodians and traditional banking solutions. Instead, they will be able to connect directly to the SEPA payment system through their Safe Smart Account, eliminating the need for additional off-chain bank accounts, ramps or centralized exchanges.
Lukas Schor, co-founder of Safe said the IBAN integration with Safe was a game-changer for an ecosystem continually being challenged by lack of banking support.
He added the integration allowed owners of treasuries in Safe Smart Accounts to interact seamlessly with DeFi and dApps, as well as conduct business in the real world.
Also Read: Binance CEO Changpeng Zhao Predicts Massive Trading Surge On The Horizon
Gísli Kristjánsson, co-founder and chief technology officer of Monerium, echoed Schor's sentiments. Kristjánsson highlighted the importance of providing a better user experience for the shift to Web3 to happen.
The company further added the integration marked a significant step for European crypto-native organizations and developers, enabling them to build real-world use cases for crypto. The 1-click crypto on/off-ramping to/from an IBAN bank account makes it easier for treasury operators to offramp DeFi yield from participating in EURe pools.
Read Next: Celsius Network and Former CEO Face Potential Legal Action By US Regulators
Join Benzinga's Future of Crypto in New York City on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!
Photo: Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.