Binance-backed SafePal crypto wallet records uptick in sign-ups following FTX fallout

  • Backed by crucial investors, SafePal undertook its latest funding in 2018, led by the Binance cryptocurrency exchange.
  • The company provides a crypto wallet that supports 15 languages and 54 blockchains and now serves more than 7 million users across the globe.

SafePal, a non-custodial cryptocurrency wallet backed by Binance exchange, has recorded a sharp uptick in web traffic since the announcement of the FTX collapse. Reportedly, the company has seen record high sales of its hardware wallet, whilst its web traffic rallied 10x since November 11, when FTX filed for a voluntary chapter 11 bankruptcy. Given the circumstances, SafePal is poised to make more gains as non-custodial platforms gain traction amidst increased hacks and rug pulls.

Arguably, the 1 million FTX customers could not be severely impacted if the exchange were a non-custodial platform. Furthermore, nearly half a billion US dollars were siphoned a day before the FTX and Alameda filed for bankruptcy protection.

Backed by crucial investors, SafePal undertook its latest funding in 2018, led by the Binance cryptocurrency exchange. SafePal’s native token, SFP, has gained approximately 42 percent in the past two weeks to trade around $0.51 at reporting time. The SFP ecosystem has a market cap of approximately $55,843,546 and a 24-hour trading volume of around $33,887,068. 

The SFP altcoin is strongly backed by fundamental and technical aspects coupled with the speculative nature of the crypto assets.

SafePal CEO Veronica Wong said:

The recent FTX situation has taught the industry an important lesson about decentralization and transparency. As more people realise the importance of taking full control of their assets, SafePal will become one of the  major web3 gateways for the crypto masses.

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SafePal well aligned with the crypto market’s future

The SafePal S1, a hardware crypto wallet that sells for $49.99, has received huge adoption for its simplicity and vast interoperability with many blockchains. The company provides a crypto wallet that supports 15 languages and 54 blockchains and now serves more than 7 million users across the globe.

Over the last six months, the company’s user base surpassed 7 million, covering customers from more than 196 countries. Furthermore, the company’s users enjoy the ability to store, manage, swap, and trade their crypto assets. 

Having comprehensively covered the basics of platform development properly, the SafePal ecosystem has embarked on a journey to market its products to worldwide crypto customers.

The company is however facing fierce competition from other non-custodial wallets including Ledger. Additionally, traditional financial institutions led by JPMorgan are developing crypto wallets to connect their customers seamlessly with the fast-growing digital market.

The future of the cryptocurrency market is stronger than ever despite the current sentiments, which indicate otherwise. Countries know that the industry cannot be banned but only regulated. By having regulated products, crypto-related companies are thriving across various markets.

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