From the bronze age to the current tech revolution, currencies have played an important role in shaping human civilization and the economy. It’s a medium for fair trade of goods and services. Owning fiat or cryptos isn’t enough, you must safeguard it from hackers & other anti-social elements by securing your investments in a wallet.
To address the safety of digital assets we have SafePal wallet. It’s a software & a hardware wallet equipped with cutting edge technology that safeguards your investments in all circumstances. Given the rise in crypto adoption and crypto projects, it’s important to review SafePal and decide whether or not it’s the right choice to secure cryptocurrency –
Table of Contents
What is SafePal Wallet?
Backed by Binance Labs, SafePal is a crypto wallet that is built to help users secure their crypto investments. Founded in 2018, it’s a crypto asset management platform with multiple features allowing users to store, swap, trade, manage and grow their crypto portfolio in one place.
SafePal provides hardware wallet and software wallet. Users need to download the SafePal app to interact with and use the wallet services.
SafePal supports 33 blockchains and 30,000+ tokens
SafePal S1 is the hardware wallet by SafePal. It is a 100% offline cold storage wallet for users to protect their private keys. The wallet is equipped with the following features –
- EAL5+ Security Level
- Multiple Security Sensors
- Self-Destroy Mechanism
– EAL 5+ Security Level:
EAL 5+ is the independent secure element where EAL stands for Evaluation Assurance Level. It is used to evaluate the security features of IT products. The EAL level ranges from EAL1 to EAL7. A high grade indicates better security and reliability of the product. To give you an idea, most debit and credit cards have an EAL 4+ security level.
– Multiple Security Sensors:
SafePal is equipped with multiple security sensors that detect any strange activity pointing towards hacking or stealing assets from the wallet. In case of such attacks, the security sensors will automatically execute a self-destroy mechanism, wiping all security data, thus helping the user by preventing hackers from gaining the access to the private keys.
New @iSafePal Look has Arrived🥳— SafePal – Crypto Wallet (@iSafePal) August 18, 2022
Support Godwoken V1
⚙️New Mobile Wallet App Version 3.6.0
⚙️New Browser Extension Wallet Version 2.1.0
⚙️New Hardware Wallet Firmware Version 1.0.4https://t.co/sbEzYL7jIJ
📱Download @iSafePal Wallet App Todayhttps://t.co/xc90xaLfT9 pic.twitter.com/w7zTIzfMcB
– Self-Destroy Mechanism:
As explained above, the wallet will automatically execute a self-destroy mechanism by erasing all wallet data if any threat is observed from the attacker. Users don’t have to worry about their assets as they will be secured on-chain. All you need is to remember the seed or mnemonic phrase to retrieve the crypto saved in the wallet.
There’re other security features that can be read from the SafePal docs.
SafePal S1 supports offline air-gapped signing mechanism (shown above)
SafePal Cypher is a metallic board used to secure the seed phrase of S1 wallet. It is made up of 304-grade stainless steel and has two separate steel plates with a set of 288 letters. Both sides of the plater can store 12, 18 or 24 words. Here’s a cool video by the SafePal team, demonstrating how to use SafePal Cypher –
SafePal Cypher is corrosion, water and fire resistant
The third product it has is the Leather case which is used as a cover to protect the SafePal S1 wallet and can also be used to store credit & debit cards.
SafePal app is the hub for managing both hardware and software wallets. It acts as a single interface for managing all types of wallets (hardware, software & trading). Users can buy, swap, store and sell crypto assets just by connecting their wallet to the app. Moreover, many DAPPS can be accessed from inside the app.
SafePal Swap, SafePal Trade & SafePal Earn are all in-app features
What is SFP Token?
SFP token is the native BEP-20 currency of SafePal. It is used to power its ecosystem and has the following utilities –
- Fees & Discounts
- Staking Rewards
- Special Bonuses
- Community Governance
Fees & Discounts:
Users can use SFP tokens to avail special discounts on SafePal products & services like discounts while purchasing hardware wallets & accessories, trading and swap fee discounts within the app, fees for DAPPS ranking within the dapp store.
Users can stake SFP tokens to earn additional staking rewards under the SafePal Earn Program.
The token holders are eligible for special airdrops from SafePal partners, they are also eligible to receive limited edition NFTs from SafePal.
Token holders are eligible to vote for key proposals like onboarding new blockchains, adding the new in-app features, usage of Treasury funds etc. Also, a minimum of 500,000 SFT tokens are required to submit a proposal.
The total supply of token is capped at 500 million and the token allocation is shared below –
SafePal announced its IEO on Binance Launchpad in February 2021, offering SFP tokens to the public at a discount price of $0.10 per token. Complete IEO details are shared below –
SFP Token Price:
Please check the latest price of SFP token –
SFP can be bought from leading crypto CeFi & DeFi exchanges like Binance and Pancakeswap
If you’re looking for a cryptocurrency that can generate high ROI like that of ETH or BNB then SFP isn’t the right coin to invest in. SFP use case is strictly related to the SafePal ecosystem. It should only be purchased if you’re using SafePal products or services else it won’t make much sense to invest in SFP considering it’s a tokenized asset of a crypto wallet.
Short answer Yes, SafePal is a safe and secure wallet. The hardware wallet is equipped with EAL 5+ grade security and has multiple sensor control, monitoring the safety of the device. Moreover, it also has a self-destroy mechanism that protects the wallet from outside attacks.
This completes my review of SafePal Wallet. In the next post, I will talk about Linear Finance & Beta Finance. If you’re a fan of blockchain technology then do share this post on your social handles and educate everyone around you. Remember to subscribe to my YouTube channel for more informative content, released every week.
Cryptocurrency is a highly volatile market. All the information shared in the post is for knowledge purpose only. By no means, it’s financial or investment advice. Readers are responsible for their own investment decisions and should only invest in cryptocurrency after proper research.
Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.