In the aftermath of FTX’s bankruptcy, the decentralized wallet brand SafePal, which is supported by Binance and offers software, hardware, and extension wallet products, has witnessed record numbers of new users signing up for its services. Since November 11, the volume of visitors to its platform has increased by 10x. Concurrently, sales of SafePal’s Web3 hardware wallet have achieved all-time highs within the same time frame.
Meanwhile, the most recent funding round for SafePal, which took place in 2018, was headed by Binance. Users are able to store, manage, swap, and trade their digital assets by using the SafePal platform, which is an all-inclusive cryptocurrency management solution. SafePal is currently serving more than 7 million users across the globe with its hardware wallets, software wallets, and browser extension wallet product lines. The company supports 15 languages, and it is connected to 54 different blockchains.
Additionally, Binance Labs, the company’s venture arm, has made this team the first and only one to invest in a hardware wallet company. SafePal is a rapidly expanding team of developers, designers, and security engineers who are working toward the goal of removing the barriers that prevent crypto newbies from getting started. People are able to unlock their cryptocurrency potential and increase their wealth with confidence and ease with the assistance of SafePal.
A Broader Trend For Crypto Holders To Favor Non-custodial Solutions
The recent inflow of new users that SafePal has experienced is reflective of a wider trend among holders of cryptocurrencies to prefer non-custodial solutions that assist limit counterparty risk. In light of this new trend in the industry, the number of SafePal users has exceeded 7 million over the course of the past six months, with users coming from more than 196 different countries.
After the recent FTX insolvency incident, it has been witnessed that the users of cryptocurrencies have been flocking in droves to non-custodial storage solutions for their coin holdings. The significance of maintaining self-custody has been brought to light after this incident. SafePal is one example of such an ideal solution. It is a decentralized wallet that was launched in 2018 with a focus on enhancing both customer safety and satisfaction.
SafePal CEO Veronica Wong said: “The recent FTX situation has taught the industry an important lesson about decentralization and transparency. As more people realize the importance of taking full control of their assets, SafePal will become one of the major Web3 gateways for the crypto masses.”
SafePal’s Dedication Towards Advanced Security Features
When you have made the decision to purchase or invest in digital assets, the most important thing to ask is how to keep your coins safe once you have them. This is due to the fact that, in contrast to fiat currencies such as the USD, you cannot store Bitcoin or any other cryptocurrency by concealing it in a drawer or by depositing it in a financial institution. The good news is that despite this drawback, it is possible to conduct risk-free business on the blockchain so long as your private key is kept safe.
Due to advancements in technology, you now have the option of securing the storage of your private keys through the use of specialized software and hardware wallets like SafePal. Thanks to its high level of security and dependability, SafePal is quickly becoming a frontrunner in the cryptocurrency industry. The safety of one’s cryptocurrency holdings is the single most important quality that investors and traders search for in a wallet.
The extensive security measures that come equipped and ready to use with SafePal are very astounding. The SafePal Wallet is a reliable and safe wallet. You shouldn’t have any problems as long as you don’t forget or lose your seed phrase. Therefore, in a nutshell, you need to guarantee that you have a backup of your seed phrase. The most crucial thing is that you should not share the phrase with anyone else.
The goal of assisting consumers on their journey through the cryptocurrency space is at the core of everything that SafePal develops, from wallets that are simple to use to in-depth educational resources regarding cryptocurrencies. The SafePal products already incorporate security measures, but the company’s actions determine whether or not they are safe. Every day, the company works to defend SafePal users and their assets by warding off potential cyberattacks, honing in on SafePal’s security flaws, and developing new safeguards.
