SafePal offers a suite of crypto storage solutions, including the credit-card-sized S1 hardware wallet. With over 3 million users from 196 countries, SafePal combines security with accessibility. Additionally, the SafePal ecosystem includes the SFP token, which can be used for various utilities.
SafePal is one of the top originators of accessories and service products for cryptocurrency wallets. The company is known for its Tier-1 crypto wallets, which deliver exceptional security and ease of navigation. More importantly, SafePal's hardware wallets boast reasonable prices and excellent designs compared to other equally well-known competitors.
SafePal S1 is a hardware wallet that is the company's top product and one of the most favored wallets for storing cryptos globally. The developer excluded any Internet connection to maximize crypto security.
Besides, SafePal's hardware solution is entirely portable. The wallet looks like a credit card and easily fits into any pocket.
SafePal App Pros & Cons
SafePal has long been skilled at developing highly secure and high-quality hardware and software wallets for crypto investors of all levels. In addition, the company has created a friendly application that can become a universal solution for novice traders.
The app allows crypto fans to store, manage, and send crypto assets on the go from anywhere in the world. However, the SafePal app still has room for improvement. So be sure to pay attention to the following pros and cons of this product.
Hits:
- A promising self-destruct mechanism to counter malware attacks
- A cost-effective tool for traders of any level
Misses:
- Limited support of some trending cryptocurrencies
Since day one, SafePal has continued to gain ground in the crypto space by offering premium products and services for storing crypto assets, including SafePal S1 as its flagship solution. The company has achieved remarkable success through a series of fruitful partnerships with leading crypto platforms and groundbreaking blockchain projects.
SFP Coin Utility
The utility SFP token saw the light of day in January 2021 and has become an integral part of the SafePal ecosystem. SFP is a native token that performs various functions and supports the project ecosystem. The good news is that SFP has BEP-20 support and can be quickly sent within the extensive BSC (Binance Smart Chain) network.
According to Coinmarketcap, SFP token key indicators as of June 9, 2023 are as follows:
- Token name: SFP
- SFP price: $0.3556
- Technology: BEP-20
- Fully diluted market cap: $178,225,914
- Market cap: $131,415,341
- Volume (24h): $9,538,247
- Total supply: 500,000,000 SFP
- Circulating supply: 369,666,536 SFP
- SafePal Token (SFP) use cases: governance, bonuses & airdrops, fees, and staking dividends.
Currently, the project successfully blends the development of high-tech products to store crypto assets and suggests exceptional investment opportunities with SFP tokens, including a profitable staking program. As a result, users who have become members of the ecosystem can enjoy first-class hardware wallets and accumulate profits in the long term by being HODLers of the project's native token.
SafePal (SFP) Origins
Anthony Morrissey and Veronica Wong founded SafePal in 2018 to create a secure tool that eliminates intermediaries from storing and sending crypto assets. The idea and mission of the project appealed to the Binance incubator. As a result, Binance, one of the top launchpad platforms, began to actively facilitate the development and promotion of the SafePal notion in the international arena. Binance support came in handy, and the platform accumulated over 3 million users from 196 countries worldwide.
A few years after the platform's launch in May 2020, SafePal launched its first online software wallet. In the same year, the project began offering various trading services and a DApp store in partnership with Binance.
The platform's further development was to expand the list of platforms supporting wallet functions and increase its value in the eyes of users and investors.
How Does SafePal Work?
The primary function of the SafePal solution is to provide a highly secure way to store BTC and numerous altcoins. The brand has ensured that the hardware solutions do not have an internet connection while maintaining an air gap that can protect crypto users' investments from scammers.
Here are just a few SafePal S1 benefits that will keep the hardware wallet one of the top solutions in 2023:
- A true RNG
- EAL5+ certified security
- Multiple security-sensor layers
SafePal has also designed high-end extensions for Edge, Firefox, and Chrome so that users can interact with their wallets on the go and check asset prices without the hassle of opening an app on a mobile device.
SafePal Funding
SafePal's successful development path is due to impressive support from top investors who believed in the company's mission and funded the project's initiatives in the early stages.
The four principal SafePal backers are:
- Binance Labs
- Archerman Capital
- Superscrypt
- Clever Capital
Notably, investors expanded their aid beyond financial opportunities. For example, Binance provided additional features for its incubator and popularized the project from the first day of launch. As a result, SafePal grew into a standalone company that outperformed significant competitors such as Talisman, Mercury Cash, Assure, and Eternl.
SafePal Roadmap
The project has always set ambitious goals, trying to assemble the best app for crypto users and provide them with a unique experience that eliminates the risk of losing crypto assets due to fraudsters. That is why the project roadmap included the gradual achievement of the intended goals during the first two years:
- November 2020: Embedded ERC721, ERC1155, and BSC NFT standards
- October 2020. 10: Fully supported Binance Smart Chain ecosystem
- August 2020: On-boarded DApps and implemented the Binance spot trading system
- June 2020: SafePal Cross-chain Swap
- May 2020: SafePal Software Wallet to offer DeFi to wallet users
- December 2019: Buy crypto features
- June 2019: Integrated in Binance DEX
- May 2019: SafePal S1 Hardware Wallet supporting ten languages
- April 2019: Reinforced 19 blockchains and 10K+ tokens
- January 2019: SafePal hardware wallet (beta version)
- September 2018: Binance Labs incubation program Season 1
SafePal has been moving in seven-league steps to reach its goals no matter what.
SafePal (SFP) Tokenomics Details
In Q1 2023, the number of users surpassed the 7.5 million mark. Clearly, SafePal products have been well accepted by the crypto community, and the brand is looking for ways to season its hardware solutions with the growing Web3 trends.
Meanwhile, the clearly structured tokenomics of the project also contributed. Here is how SafePal distributed SFP at the time of the project launch:
- Foundation Reserve 20%
- Team 20%
- Community & Airdrop 15%
- Product & Marketing 15%
- Public Sale 10%
- Strategic Sale 9%
- Ecosystem 5%
- Private Sale 4%
- Seed Sale 2%
Apparently, the company has secured enough tokens to stimulate the community and reward the initiatives of the most active users.
