SafePal

What is SafePal (SFP)?

SafePal is a cryptocurrency wallet system that allows users to protect and manage Bitcoin, Ethereum, and thousands of other digital assets. SafePal guarantees safe storage and integrates various features, including DeFi and asset swaps, whether used as a mobile app, Chrome browser extension, or hardware wallet.

With broad asset support and cross-chain compatibility, SafePal makes it easy to buy and sell NFTs, connect to blockchain games, or even participate in liquidity mining. Best of all, SafePal is a non-custodial wallet, meaning that users’ private keys cannot be accessed by anyone, including the SafePal team.

When was SafePal Launched?

Singapore-based SafePal was founded in 2018 by Veronica Wong, a tech industry veteran. Initially a hardware wallet, SafePal has since evolved into a complete suite of secure crypto management solutions accessible to all sorts of users.

Shortly after its founding, SafePal attracted strategic investment from Binance. This led to the newly launched SafePal S1 hardware wallet supporting Binance Mainnet and BNB in June 2019. The following month, the S1 integrated the Binance DEX and the WalletConnect protocol.

In May 2020, the SafePal team released the SafePal software wallet. By mid-2020, the project had integrated 18 blockchains and was able to support 10,000 tokens. This number increased significantly in September 2020 as SafePal integrated with Binance Smart Chain and began supporting BEP-20 tokens.

The utility token of the SafePal ecosystem, SFP, was issued in January 2021. This was able to power the wallet system’s growth, with major chains including Theta, Polygon, Solana, Cardano, Avalanche, Fantom, Injective, Arbitrum, and Optimism all receiving support before the June 2022 release of the SafePal extension wallet.

How Does SafePal Work?

SafePal as a whole includes not just the different SafePal wallets but also the SFP token, SafePal Wealth, and the ecosystem around the project, including partners, developers, and the community.

SafePal wallets are the system’s key components, providing secure, diversified, and user-friendly non-custodial storage for users. This means that users are safe in the knowledge that their private keys can’t be accessed by anyone, and they can use SafePal as a one-stop solution for almost all of their blockchain-based assets.

Meanwhile, SafePal Wealth is a powerful asset management platform that allows users to buy, swap, and trade crypto. It also allows SafePal wallets to connect to dApps (decentralized applications) with minimal friction, so users can securely engage in DeFi or play blockchain games.

The SafePal ecosystem also fills out the gaps in getting involved in crypto. A recent example is SafePal’s partnership with MoonPay, which allows users to purchase several major cryptocurrencies using mainstream payment methods such as credit and debit cards, Apple Pay, and Google Pay.

What makes SafePal Unique?

SafePal is unique in its attempts to provide a one-stop solution to crypto engagement and storage, allowing users to secure their assets but also engage with the blockchain easily.

SafePal definitely stands out by offering secure wallet systems with cutting-edge security systems in combination with an easy-to-use wealth creation platform that provides diversified programs catering to different risk profiles.

While SafePal isn’t always mentioned in the same breath as the likes of Metamask and Ledger, it’s getting there fast: it supports tens of thousands of tokens, 48 blockchains, 15 languages, and has over 6 million users around the world.

How is the SafePal Network Secured?

SafePal’s wallets are managed by the SafePal app, but they work quite differently. Hardware wallets are often considered the most secure in general, and SafePal’s hardware option stores private keys using a financial grade EAL5+ secure element. The software wallets work differently, with the mobile version storing private keys on the user’s cellphone.

However, both are decentralized wallets, and neither stores nor accesses user mnemonic phrases. Instead, users are tasked with storing these securely in offline locations. SafePal also has a product for this, with the SafePal Cypher metallic seed phrase board offering protection against fire, water, salt, and corrosion.

What is the Use of SFP?

SafePal users can stake SFP tokens to yield extra interest from the SafePal Earn programs, but the incentives don’t stop there. Token holders enjoy special coupons from SafePal and its partners, can join exclusive campaigns on the platform, and often claim special collectibles from SafePal partners.

SFP holders can also create proposals and vote on how Treasury funds are used. They can also have a say in what new blockchains are added to SafePal products by deploying their tokens in governance.

How Much SFP is in Circulation?

The SFP token has a maximum supply of 500 million tokens, of which over 320 million are already in circulation. SafePal users earn SFP tokens by staking in the wallet and participating in various activities and SafePal campaigns.

Per the SafePal whitepaper, 20% of the SFP token supply was allocated to the founding team, and 20% went toward the foundation reserve. 15% each has been reserved for the community and airdrops, as well as product development and marketing.

A total of 25% of the SFP supply went towards fundraising. 10% was sold to the public during the Binance IEO, with 9% allocated toward strategic sales and 4% to private sales. The project’s seed sale saw 2% of the SFP supply being sold.

How Do You Buy SFP?

You can buy SFP tokens on various exchanges, including strategic partners and incubator Binance. As a BEP-20 token, SFP is also available on various decentralized exchange platforms on the BNB Smart Chain.

How Do You Store SFP?

Given that SFP is the utility token for a wallet project, it may be quite cynical to store SFP on anything other than an SFP wallet, whether that be a software, hardware, or browser extension wallet offering from SafePal.

However, any wallet compatible with the BNB Smart Chain can handle your SFP tokens. That would mean missing out on the benefits of holding SFP on SafePal, such as increased rewards, coupons, and other goodies.

Is SFP a Good Investment?

SFP is a utility token used to reward usage of the SafePal wallet systems, and token holder benefits make it an attractive proposition. However, the project itself has its niche given the variety of functions it promises, compared to the relatively limited utility offered by some competitors and increased privacy concerns about others.

There’s every chance SafePal can attain the same sort of widespread popularity enjoyed by the market leaders in crypto wallets while staying true to its non-custodial and decentralized principles. In that case, the demand for the SFP token could very well take off.