SafePal is a wallet that allows you to store cryptocurrencies. The product comes in different shapes:
- As an app that is available on the App Store & Google Play Store
- As a hardware wallet that sells in 3 different tiers
SafePal offers users to purchase the S1 Hardware Wallet. In this sense it is competing in the same market just as Ledger and Trezor. The S1 SafePal Hardware Wallet is the most basic hardware wallet that SafePal offers. It currently sells for 39.99$ which is a lower price compared to the Ledger Nano S. You can buy the SafePal hardware wallet here.
In case you do not require a physical hardware wallet you can download the SafePal wallet app for free. As you install the app you will be guided through a process in which you can create your seed. Make sure to write down your seed in a safe place since it will be required to restore your wallet in case you lose access to your phone.
SafePal provides the following features:
- Receiving, Sending and Storing cryptocurrencies as provided by Trust Wallet or Status
- Exchanging tokens as provided by Uniswap or Metamask
- Importing existing software wallets as provided by MyEtherWallet
- Accessing several decentralized applications from within the app as provided by Argent wallet
- Managing your cryptocurrency wallets in a comprehensible way as provided by LedgerLive
- Cross-chain exchanges of cryptocurrencies as provided by Binance and other exchanges
What is unique about SafePal is that it combines product features of several different blockchain infrastructure layers in one single simple to use wallet. With the SafePal wallet you will be able to engage with Ethereum’s leading DeFi protocols such as Aave and at the same time store cryptocurrencies from other platforms such as Bitcoin or BNB.
SafePal supports the following blockchains
- Ethereum and all corresponding ERC-20 tokens
- Binance Smart Chain
- and many more
The native token of the SafePal is called SFP (SafePal Token) which lives on the Binance Smart Chain and has a supply cap of 500,000,000 tokens. It was released only after the team finished the initial platform development and could provide a use case for the token. It can be used to pay for fees and holding the token entitles to ecosystem airdrops. Furthermore the token serves for governance purposes.
SafePal is a project that came out of Binance Labs, an ecosystem incubator funded by Binance. The project was launched in early 2018 and subsequently expanded support for various blockchains.
SafePal offers a compelling use case for blockchain adopters who want to be in control of their own coins and hold assets across various blockchain ecosystems. It comes at a time when the Ledger marketing customer database was leaked and many user details got exposed. Several users lost trust in ledger and subsequently started looking out for other safe hardware wallets.
SafePal’s token SFP will be listed on the Binance Launchpad in February 2021. To participate in the airdrop follow the instructions provided on Binance: https://launchpad.binance.com/en/subscription/SFP_BNB