- 1 SafePal is a cryptocurrency wallet which was launched in 2018. It has a team of security, data science, and hardware engineers.
- 2 It facilitates the user to protect and grow their digital assets.
- 3 SafePal provides both hardware and software wallets and they are managed by the SafePal app.
The platform’s core mission is to empower investors toward financial opportunity and freedom in the decentralized world. The SafePal wallet supports many popular crypto assets. It also supports popular crypto tokens on Ethereum, Tron, and Binance Smart Chain. The platform provides the facility to store, manage, trade, swap, and grow portfolios.
SafePal is unique because it offers affordable hardware wallets and software wallets that are secure. it supports several cryptocurrencies including Ethereum, Bitcoin, etc. The native token of the platform is SFP which acts as a utility token of the wallet and is utilized to provide offers to the users and incentivize.
SFP Tokens and its Utilities
SFP is a BEP-20 token that can be transferred to any wallet that supports the Binance Smart Chain network. It serves as a medium of exchange on the platform. The token acts as a governance token and the holders can vote for decision-making regarding the SafePal.
SFP is the utility token on the BNB chain and Ethereum. It powers and governs the community. Till October 2022, SFP is listed on more than 20 CEX and DEX including PancakeSwap, Bybit, Bitget, Kucoin, etc.
It is also used for payment and checkout on the Safepal app and Website. Some of its utilities are discussed below
Paying fees and discounts: It is used for paying fees for buying SafePal hardware wallet, fees for submission to list Dapps to the list, fees for submission to list new tokens, fees for publishing AD banners, etc.
Asset Management: SafePal users can stake SFP to yield extra interest from the SafePal earn programs.
Exclusive Bonus: SFP token holders have the privilege to enjoy special coupons from SafePal, enjoy access to airdrops, and claim special collectibles from SafePal.
SafePal app is the application to handle the SafePal hardware wallet and the SafePal software wallet. SafePal S1 hardware wallet is an offline and decentralized wallet. It supports more than 30 blockchains and more than 10,000 cryptocurrencies.
This hardware wallet is embedded with developed security features, self-destruct mechanisms, and device authentication mechanisms. Crypto wallets are used to retain control of private keys.
SafePal Hardware Wallet
The hardware wallet or cold wallet keeps the private keys offline and secure. It is mobile-friendly and manages crypto at any time without a laptop or USB cable. It is a type of cold wallet because it stores the keys offline.
It is ideal for crypto beginners and supports 15 languages and more than 100 coins.
SafePal Software Wallet
Software Wallet is a secure decentralized wallet that facilitates users to import, manage, and recover wallet and crypto assets on mobile devices.
It is 100% decentralized and keeps the private keys in the local cellphone environment. It takes nearly a minute to set up, hence ideal for crypto beginners. The wallet enables users to easily manage digital assets and access unlimited Dapps. It supports 15 languages and 100+ chains.
SafePal Extension Wallet
SafePal Extension Wallet manages both EVM and non-EVM compatible chains in one place. The user can stay connected to different Dapps on different chains.
It provides advanced security by linking the SafePal hardware wallet or software wallet to the extension. Only one click to connect with other best crypto wallets such as Metamask, Ledger, Trustwallet, and more.
Market Analysis and Tokenization of SafePal (SFP)
The website shows that the tokenization includes 20% of the total token supply for the team. 20% is allocated to the foundation reserve. 15% of the total token supply is allocated to the community. 15% allocated to product and marketing. 9% of the total supply is allocated to strategic sales. partnership and ecosystem allocation is 5%. Private sales allocated 4%. 5% of the total token supply is allocated to airdrop and seed sale is allocated 2% of the total token supply.
At press time, SafePal had a market cap of $297,214,255. The circulating supply of the coin is 420,833,333 SFP. It has a total supply of 500,000,000 SFP and has a fully diluted market cap of $353,271,906.
SFP is available on various platforms that include both centralized and decentralized exchanges. Some of the cryptocurrencies that it supports include Tether, Bitcoin, etc.
Advantages of SafePal
Swap and Bridge: The platform facilitates rich options for cross-chain assets migration.
Track and Trade: It never misses a market move by tracking real-time maker data. It aggregates both CEX and DEX for a smooth trading experience.
Surf and Explore: It provides the Dapp filtering mechanism which helps to access, explore, and browse the Dapps in one place safely. With the resolve manager tool of SafePal, the user can discover friendly tools.
Invest and Yield: SafePal earn which is a DeFi yield aggregator eliminates the problems of DeFi staking investment. The wallet holder offerings and the exclusive programs provide early investment opportunities in different blockchain projects.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.