- Summary:
- SafePal, the only hardware wallet invested by Binance, is reporting a significant rise in user numbers following the collapse of FTX.
In the wake of FTX’s collapse, SafePal, a decentralized wallet brand supported by Binance, has seen an influx of consumers. The company reports that since November 11th, it has seen a tenfold spike in traffic to its platform. Furthermore, sales of SafePal’s web3 hardware wallet have hit all-time highs. Binance Labs, Binance’s investment arm, has made the firm the first and only hardware wallet company it has ever backed.
SafePal’s place in the decentralized storage revolution
SafePal is an all-inclusive crypto asset management platform that facilitates trading, storage, and swapping of digital assets. The inflow of new customers is reflective of a larger movement among cryptocurrency holders toward non-custodial alternatives that can assist reduce the risk of counterparty default. More than 7 million people from more than 196 countries have used the service in the past six months.
As the cryptocurrency market has proved, not even the biggest of goliaths is immune to collapse. Investor faith in centralized crypto corporations has been shaken by the collapse of many crypto companies in 2022. As a result of the panic that followed the FTX crash two weeks ago, many traders are moving their cryptocurrency holdings to cold storage or taking custody of their holdings themselves. One such option is SafePal, a decentralized wallet brand with a focus on safety and ease of usage.
SafePal hopes to establish itself as a leading web3 gateway for the crypto masses as more and more people come to appreciate the benefits of taking complete control of their money. It has grown to serve over 7 million users in 200 countries and regions, with support for 15 languages and 54 blockchains. Its offerings cover the spectrum from dedicated hardware wallets to software wallets and even browser add-ons. This means that there’s something for everyone when it comes to crypto storage.