What Is SafePal (SFP)?
SafePal is a cryptocurrency wallet launched in 2018 that helps users to protect and grow their digital assets. SafePal provides hardware and software wallets, all paired and managed through the SafePal App and was the first hardware wallet invested in and backed by Binance.
SafePal wallet supports numerous popular crypto-assets, in addition to popular tokens on the Ethereum, Binance Smart Chain (BSC) and TRON blockchains. Users can store, manage, swap, trade and grow their portfolio without compromising asset security, according to SafePal.
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Since its launch in 2018, SafePal has grown exponentially and has over 80,000 users in 87 countries globally. More information can be found in the SafePal Media kit.
Who Are the Founders of SafePal?
SafePal was founded in 2018 by a team of crypto enthusiasts led by Veronica Wong. The project was developed to provide a reasonably affordable hardware wallet for crypto users. Subsequently, SafePal was incubated by Binance in December 2018, receiving funds from the exchange to foster its development. In May 2019, SafePal launched its first project, the hardware wallet SafePal S1.
What Makes SafePal Unique?
SafePal aims to offer affordable hardware wallets as well as secure software wallets for users. The wallet platform supports multiple cryptocurrencies, including Biitcoin, Ethereum and BNB. Its native token SFP is the utility token of the wallet and is used to offer discounts for users, incentivize SafePal users and more.
SFP is a BEP-20 token that can be transferred to any wallet that supports the Binance Smart Chain network. It can also be exchanged with other assets and can serve as a means of payment for services. SFP also serves as the SafePal governance token, and holders can create proposals and vote on new features such as adding new blockchains on SafePal products.
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SafePal products and services Include:
- SafePal S1 Hardware Wallet: SafePal S1 Hardware Wallet is a 100% offline and decentralized hardware wallet that has supported 20 blockchains and 10,000+ cryptocurrencies. SafePal S1 is embedded with advanced security technology, including EAL5+ secure element, self-destruct mechanism, device authentication mechanism, etc.
- SafePal Cypher: SafePal Cypher is a metallic seed phrase board that protects your mnemonic phrase against water, fire, salt and corrosion.
- SafePal Software Wallet: SafePal Software Wallet is a secure decentralized wallet that enables users to import, recover and manage wallets and crypto-assets on mobile devices.
- SafePal App: SafePal App is an application for users to manage the SafePal Hardware Wallet and SafePal Software Wallet.
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How Many SafePal (SFP) Coins Are There in Circulation?
SafePal has a maximum supply of 500 million SFP tokens, of which about a quarter is currently in circulation. The circulating supply of SFP will continue to grow as more people use the wallet. SafePal users earn SFP tokens as part of staking rewards, participating in referral campaigns, and completing tasks within the wallet app.
As per SafePal’s official source, the token allocation is as follows:
- Team: 20.00% of the total token supply
- Foundation Reserve: 20.00% of the total token supply
- Community: 15.00% of the total token supply
- Product & Marketing: 15.00% of the total token supply
- Strategic Sale: 9.00% of the total token supply
- Partnership & Ecosystem: 5.00% of the total token supply
- Private Sale: 4.00% of the total token supply
- Airdrop: 5.00% of the total token supply
- Seed Sale: 2.00% of the total token supply
How Is the SafePal Network Secured?
SafePal token is based on the Binance Smart Chain and secured by the proof-of-stake (POS) consensus mechanism. This helps to protect the network against different threats, including Sybil attacks and 51% attacks.
It is also protected by a bug bounty program operated by Binance, which offers regular rewards in BNB to anyone that discovers a vulnerability on Binance Chain and its core smart contracts.
Moreover, SFP is secured by the security system of the wallet software used to manage it. SafePal also adds additional security features, including a password security lock, 2FA, as well as 12,18 and 24-word recovery phrases.
Where Can You Buy SafePal (SFP)?
SafePal is available to purchase and trade on various platforms, including both centralized and decentralized exchanges. Binance and MXC are among thee xchanges to trade SFP. The token is currently tradable against a range of other cryptocurrencies, including Tether (USDT), Binance USD (BUSD) and Bitcoin (BTC)
Looking to buy cryptocurrencies like SafePal with fiat? Read more here.
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