SafePal is a cryptocurrency wallet that was introduced in 2018 and enables users to safeguard and expand their digital assets. SafePal offers hardware and software wallets, all connected and managed via the SafePal App.

What is SafePal?

SafePal is a distinctive wallet product that integrates security and convenience by offering users the choice between hot and cold wallets. In other words, users can utilize SafePal as a mobile application, browser extension, or wallet. SafePal is a distinctive cryptocurrency storage initiative comprising three wallets: a hardware device, a software wallet, and a mobile app. Although the designs of all three of these wallets are distinct, the fundamental functionalities they provide to their users are identical: security, in-wallet crypto trading and acquisition, and staking.

In addition to prominent tokens on the Ethereum, Binance Smart Chain (BSC), and TRON blockchains, the SafePal wallet supports a variety of popular cryptoassets. Users can store, manage, exchange, trade, and expand their portfolios without compromising the security of their assets. SafePal is a rapidly expanding collection of decentralized applications. Broad asset support and cross-chain compatibility make it simple to buy and sell NFTs, participate in blockchain gaming, and mine liquidity, all from the security of the user’s crypto wallet.

Background of SafePal

In 2018, Veronica Wong, a seasoned technology industry veteran, led a team of crypto enthusiasts who shared her mission to establish SafePal. The team consisted of two co-founders. The initiative was created to offer crypto users a reasonably priced hardware wallet. The notable investors of SafePal include Binance, Binance Labs, SuperScrypt, Archerman Capital, and Cleverman Capital.

In December 2018, Binance subsequently incubated SafePal, and the exchange provided funding to support its expansion. The hardware wallet SafePal S1 was the first project SafePal introduced in May 2019. By April 2022, the wallet had 5 million users, which grew to over 7.5 million in October of the same year and over 10 million in March 2023. The browser extension wallet was introduced in June 2022, transforming Safepal into a comprehensive wallet utility. SafePal’s native token ($SFP) was upgraded from BEP20 to ERC20 in July 2023.

Features of SafePal

Security

SafePal is a distinctive cryptocurrency storage initiative comprising three non-custodial wallets: a hardware device, a software wallet, and a mobile app. Whatever SafePal wallet users select, it is equipped with specific security features. To safeguard keys from malicious assaults, it implements sophisticated security features, such as the EAL5+ secure element, air-gapped signing mechanism, and self-destruct mechanism. This implies that the SafePal wallet implements several of the most advanced security features currently available.

Furthermore, the self-destruction mechanism functions as a kill switch if all other mechanisms fail. Users’ private keys would self-destruct if a potential hacker or thief attempted to tamper with their wallet, and the appropriate security level was activated. This would prevent the hackers from accessing users’ assets. In addition to these significant capabilities, you can generate custom passwords and utilize two-factor authentication.

Evaluation Assurance Level (EAL)

The Evaluation Assurance Level (EAL1 through EAL7) of an IT product or system is a numerical grade assigned after the conclusion of a Common Criteria security evaluation. This international standard has been in effect since 1999. The escalating assurance levels indicate the additional assurance requirements that must be satisfied to obtain Common Criteria certification. The higher level’s purpose is to increase confidence in the reliable implementation of the system’s primary security features. The EAL level does not assess the system’s security but indicates the level at which the system was tested.

The computer system must satisfy specified assurance requirements to attain a specific EAL. These requirements include functional testing, penetration testing, design analysis, or design documentation. Higher EALs necessitate more comprehensive documentation, analysis, and testing than their lower counterparts. The wallet has been functionally tested (EAL1), structurally tested (EAL2), methodically tested and verified (EAL3), methodically designed, tested, and reviewed (EAL4), semiformally designed and tested (EAL5), and so forth if SafePal is EAL5+ protected.

Cross Platform

SafePal Wallet is currently accessible as a software mobile wallet on iOS, Google Play, and Android, as well as an extension for Chrome, Firefox, and Microsoft Edge. Users can import their wallet information to an alternative version of the SafePal crypto storage solution securely and straightforwardly. The privacy and security features of all three wallet versions are identical.

Hardware Wallet

The SafePal S1 hardware wallet resembles conventional physical wallets resembling USB flash drives. Yet, it is compact enough to be conveniently tucked into a user’s pocket. Additionally, the SafePal hardware wallet enables users to engage in DeFi- and dApp-related activities, browse through various assets and tokens, and store NFTs in addition to traditional transactions.

The wallet also facilitates offline transaction confirmations, eliminating the necessity for an internet connection, Bluetooth, or NFC to sign transactions. In turn, it enhances the security and privacy features of the Safepal S1 wallet. Additionally, the SFP wallet device is entirely devoid of KYC.

Stake-to-Yield

The stake-to-yield functionality is one of the most noteworthy supplementary features that SafePal offers to its users. Users can stake their crypto assets and earn a passive APY over time. The precise figure will fluctuate depending upon the assets they stake and when they resolve to do so.

NFT Storage

Users of the SafePal crypto wallet can securely store their non-fungible tokens, which is one of the most significant obstacles NFT holders encounter. The SafePal wallet offers security for NFTS and enables users to purchase, accumulate, and sell NFTs on any device and across marketplaces.

SafePal Products

SafePal has experienced exponential growth since its inception in 2018 and currently has more than 3,000,000 users in 196 countries worldwide. SafePal offers crucial products that enable users to manage their digital assets and access Dapps and NFTs across chains in a seamless manner using SafePal hardware wallets. The currently available products are classified into the following categories: hardware wallets and accessories.

SafePal App

The SafePal App is a software application that enables users to administer the SafePal Hardware Wallet and SafePal Software Wallet. By administering Bitcoin, Ethereum, and over 10,000 other cryptocurrencies, the SafePal app allows users to optimize their crypto success. They can also acquire and sell rare NFTs and explore DeFi with a secure and user-friendly mobile application. The SafePal application enables users to acquire cryptocurrency through a card or other payment method and securely transmit and receive currencies and tokens using their smartphone.

The SafePal decentralized wallet also enables users to diversify their portfolios. With Binance’s backing, SafePal enables spot trades on the Binance mini-program, cross-chain swaps, and bridge tokens without requiring the user to exit the SafePal wallet. Real-time K line monitoring within the SafePal Wallet enables users to remain informed about the market’s momentum and access real-time analysis on the app.

The SafePal app offers users the appropriate platform to circumvent the DeFi learning curve and stake crypto assets in mining pools within the SafePal Wallet, all without needing a third-party DApp. The SafePal yield aggregator optimizes the user’s investment by avoiding transportation fees and automatically compounding interest.

SafePal S1 Hardware

The SafePal S1 hardware wallet is a fully decentralized self-custody wallet that allows users to retain 100% ownership of their assets. The SafePal S1 hardware wallet is pocket-fit, allowing users to carry it with them wherever they go, and it is secure and protected. SafePal S1 is equipped with sophisticated security technology, such as an EAL5+ secure element, an anti-tampering self-destruct mechanism, multiple layers of security sensors, and a device authentication mechanism.

The SafePal S1 Hardware Wallet is a 100% offline wallet that has supported over 30 blockchains, 10,000+ cryptocurrencies, and 15 languages. It is designed to expand its capabilities in the future. It provides an entirely offline cold storage device and an air-gapped signing mechanism. This implies that it lacks Bluetooth, WiFi, NFC, or USB connectivity.

SafePal S1 Specifications

• Operation temperature: -20°C to 70°C (-4°F to 158°F)
• Power: Internal 400mAh battery (up to 20 days of battery life with 10 minutes of daily use)
• Charged via USB cable
• Camera: For the rapid deciphering of QR codes
• Screen: 1.3-inch IPS display
• Connectivity: Bluetooth, WiFi, and NFC are not available.
• Product upgrade: Firmware upgrade assistance

SafePal S1

SafePal Cypher is a metallic seed phrase board that safeguards your mnemonic phrase from corrosion, salinity, fire, and water. SecurePal Cypher is the optimal cryptocurrency wallet companion, providing users unparalleled security due to its waterproof capabilities. The Cypher is indestructible and anti-collision, with an ultra-sturdy and formidable high tensile strength that can withstand forceful impact.

Corrosion resistance is another attribute of the SafePal S1 Cypher. The Crypher is equipped with a durable and long-lasting oxidation-resistant film highly resistant to saline, alkali, and acid corrosion. As per the official website, the SafePal Cypher has a melting point of 2548°F/1398°C, which is capable of withstanding house fires in which the average temperature is 1500°F/815°C. In contrast, other products are frequently constructed from aluminum alloys with a melting point of 1202°F/650°C, which poses a risk of seed phrases melting away. The SafePal Crypher is designed to secure users’ 12, 18, and 24 seed phrases with the utmost security, and it is compatible with any hardware or software BIP39 wallet.

Other SafePal’s Products

SafePal’s other products include:

SafePal WHO

SafePal WHO The Wallet Holder Offering (WHO) is a groundbreaking airdrop mechanism that offers SafePal users the first token reward allocation system. The Wallet Holder Offering (WHO) is intended to provide user-friendly, secure, and decentralized access to the airdrop tokens from SafePal ecological partners, thereby rewarding SafePal software and hardware wallet users. SafePal Wallet users must possess SFP tokens in their wallets to qualify. The quantity of SFP tokens required will differ based on the specifics of the offering, including the allocation of rewards, tasks, and timeline.

SafePal GiftBox

SafePal GiftBox is a natively integrated feature within the SafePal Wallet App that enables the SafePal community to stay informed about the most recent updates and new crypto initiatives. Blockchain initiatives pay the SafePal community to complete assigned tasks and tests. Through a secure platform, blockchain initiatives can directly compensate users with tokens or NFTs.

SafePal Software Wallet

SafePal Software Wallet is a secure decentralized wallet that allows users to import, recover, and manage cryptoassets and wallets on mobile devices.

SafePal Token ($SFP)

SFP is the native and utility token for the SafePal ecosystem, which is utilized to provide discounts to users, incentivize SafePal users, and more. SFP is a BEP-20 token that can be transmitted to any wallet compatible with the Binance Smart Chain network. It can also be used as a form of payment for services and exchanged for other assets. SFP also functions as the SafePal governance token, allowing holders to submit proposals and vote on new features, such as integrating new blockchains into SafePal products.

SafePal has a maximum supply of 500 million SFP tokens, of which approximately 25% are circulating. As more individuals utilize the wallet, the supply of SFP will continue to expand. Users of SafePal can acquire SFP tokens by carrying out tasks in the wallet app, taking part in SafePal campaigns, and earning staking rewards.

The token allocation is as follows, according to SafePal’s official source:

• 20.00% of the total token supply is allocated to the team.
• 20.00% of the total token supply is designated as the Foundation Reserve.
• Community: 15.00% of the entire token supply
• Product and Marketing: 15.00% of the total token supply
• Strategic Sale: 9.00% of the entire token supply
• Partnership & Ecosystem: 5.00% of the total token supply
• Private Sale: 4.00% of the entire token supply
• Airdrop: 5.00% of the total token supply
• Seed Sale: 2.00% of the entire token supply

Conclusion

With SafePal, users can choose between hot and cold wallets, making it a unique wallet product that combines security and ease of use. That is, SafePal can be used as a wallet, a mobile app, or an add-on for a computer. No matter what features and functions SafePal has, the browser app could still be helpful for users to access their crypto and do other dApp-related things.