SafePal is a cryptocurrency wallet launched in 2018 that helps users to protect and grow their digital assets. It provides hardware and software wallets, all paired and managed through the SafePal App, and was the first hardware wallet invested in and backed by Binance.
SafePal provides a safe and easy way for users to manage their digital assets. The SafePal App pairs with the hardware wallets to provide a user-friendly interface. The app also allows users to track their portfolios, set up price alerts, check market trends, and more.
As mentioned, SafePal has a wide variety of products ranging from hardware to software wallets. These include
The SafePal App allows users to manage their SafePal Hardware Wallet and SafePal Software Wallet.
SafePal Software Wallets
SafePal Software Wallet is a secure decentralized wallet that allows users to import, recover, and manage mobile wallets and crypto assets.
SafePal S1 Hardware Wallet
The SafePal S1 Hardware Wallet is a completely offline and decentralized hardware wallet that supports over 30 blockchains and over 10,000 cryptocurrencies. The EAL5+ secure element, self-destruct mechanism, device authentication mechanism, and other advanced security features are built into the SafePal S1.
SafePal S1 Cypher
SafePal Cypher is a metallic seed phrase board that guards against water, fire, salt, and corrosion.
SafePal Wallet Holder Offering (WHO) is an inventive airdrop system that provides the first token reward allocation system of its kind to SafePal users. The Wallet Holder Offering (WHO) is intended to reward SafePal software and hardware wallet users by providing secure, decentralized, and user-friendly access to airdrop tokens from SafePal ecological partners. To qualify for the SafePal Wallet, users must have SFP tokens in their SafePal wallets. The number of SFP tokens required will vary depending on the circumstances of the offering, such as reward allocation, tasks, and timeline.
SafePal GiftBox is a feature built into the SafePal Wallet App that allows the SafePal community to discover new crypto projects and their daily developments. Blockchain projects reward the SafePal community for completing assigned duties and quizzes. Through a secure platform, blockchain projects can directly reward users with tokens or NFTs.
SFP is a BEP-20 token that can be transferred to any wallet that is compatible with the Binance Smart Chain network. It can also be exchanged for other assets and used as payment for services. SFP also serves as the SafePal governance token, allowing holders to propose and vote on new features like adding new blockchains to SafePal products.
SafePal Token Price Analysis
Amid the bankruptcy of FTX, the investor sentiment around centralized exchanges has turned skeptical. Due to the lack of transparency and doubtful internal operations, revelations on the credibility of centralized exchanges were put forward on different social media platforms. This led to a huge shift of assets and holdings from CEXs to non-custodial wallets and hardware wallets, which in terms of the current market scenario, look like the most feasible options for investors.
This has led to the rise of native tokens of the platforms which are offering non-custodial wallets and hardware wallets including SafePal. During the start of the week, SFP token price was around $0.35 and registered a high of approximately $0.80 leading to a weekly gain of more than 100%. Along with SafePal, Trust Wallet Token (TWT) also witnessed similar gains. Therefore, it can be said that the native token of such platforms is gathering positive interest from the community.