SafePal
SafePal is a crypto wallet suite that provides hardware, mobile apps, and browser extension solutions. It supports secure storage, management, and transactions of cryptocurrencies and integrates features like staking, swapping, and trading within a non-custodial framework. Veronica Wong is the founder and CEO of SafePal. [1]
Overview
SafePal is a comprehensive crypto wallet suite offering hardware, mobile app, and browser extension solutions for secure storage and management of cryptocurrencies. Founded in 2018, it provides access to over 100 blockchains and their tokens. SafePal includes features such as staking, swapping, and trading within a non-custodial framework, ensuring users maintain control over their assets. Additionally, it offers SafePal Earn for yield aggregation and SafePal Lite for a seamless user experience without needing a separate hardware device. SafePal is backed by industry leaders Binance Labs, Animoca Brands, and SuperScrypt. [1]
Wallets
S1 Hardware
The SafePal S1, the company's first flagship wallet, incorporates multiple security layers and an intuitive UI for efficiently and securely storing, sending, swapping, buying, and trading coins. Portable and affordable, it is about the size of an average money clip and features a screen and D-pad for menu navigation. The wallet includes a camera for scanning QR codes when signing transactions and has no wired connections except for charging and updates. Communication with the outside world occurs solely through the screen display. [2]
By eliminating almost all internet connections, the SafePal S1 enhances security, although it complicates spending crypto. Users pair the wallet with a mobile app, exchanging information via QR codes. Its smartphone compatibility and cable-free design make it highly portable. Security features include a PIN code, the option of a 12-word or 24-word seed, and a Passphrase for creating hidden wallets under the same recovery seed. [2]
S1 Pro
The S1 Pro retains key features of the flagship S1, including its anti-tamper, self-erasing mechanism, and complete offline functionality without Bluetooth, WiFi, or NFC. Upgrades for the S1 Pro include a premium aluminum alloy body for enhanced protection, an ultra-clear tempered glass panel for improved screen durability, a built-in 500mAh battery for extended battery life, and a centrally positioned camera for easier scanning, along with a textured exterior for better comfort and usability. [3]
X1 Hardware
The X1, SafePal's first open-source Bluetooth wallet, maintains key features from the flagship S1 line, including the anti-tampering self-erasing mechanism and CC EAL5+ secure element chip. Audited by Keylabs, it addresses all significant findings. Key code for the X1, such as Bluetooth interaction with the SafePal mobile software wallet and functions like signatures, smart contract approvals, and private key generation and storage, is available on GitHub for transparency. [4]
The X1 enhances the user experience with high-speed Bluetooth connectivity, a novel 12-button D-Pad, and a larger 1.8” screen. It retains a minimalistic design, similar to the S1 but with a slightly more industrial look. Despite the larger screen, the X1 is more compact, lightweight, and portable than the S1, facilitating easy handling and storage. [4]
SafePal Lite
The SafePal Lite feature enhances the user experience without needing a separate hardware device. Users can create a new wallet in the App, pair it with an S1 hardware wallet, and switch between software and hardware wallets to manage their crypto funds. The decentralized approach ensures users maintain full control over their assets. SafePal Lite supports wallet import via private key, mnemonic phrase, and Keystore and includes an observation mode for monitoring public addresses. Users can create and manage unlimited wallet accounts and switch between them easily. The Passphrase feature allows for creating hidden wallets under the mnemonic phrase, protecting assets even if the mnemonic is compromised. [5]
SafePal Lite supports 19 blockchains and over 10,000 tokens, enabling easy management of tokens within the App. Public address sharing is supported via platforms like WhatsApp and Facebook Messenger. As a decentralized wallet, SafePal Lite ensures that users store and keep mnemonic phrases, with SafePal not accessing sensitive account information. The App includes advanced security protocols to safeguard assets and receives regular updates to maintain security. Pairing the SafePal App with the SafePal hardware wallet stores the private key in an isolated, offline cold storage environment, enhancing asset security. [5]
Features
SafePal Earn
SafePal Earn is a yield aggregator within the SafePal App that allows users to stake crypto assets into DeFi mining pools and earn passive interest directly in the wallet, avoiding needing third-party DApps. Initially, it supports popular pools from PancakeSwap and ApeSwap, with plans to integrate more blockchains and protocols. SafePal Earn evaluates DeFi protocols for security, APY, TVL, and other parameters before inclusion. It uses an auto-compound strategy to enhance deposited token amounts by reinvesting yield farm rewards, increasing efficiency, and maximizing APY. Users can also create LP tokens for staking pools through the LP Center DApp, which supports BSC, with more blockchains to be added. [6]
SafePal GiftBox
GiftBox is a feature in the SafePal Wallet App that introduces users to new crypto projects and updates. Users can earn tokens or NFTs by completing tasks and quizzes, providing a secure platform for blockchain projects to reward and educate the community about their ecosystems. The interface allows users to easily select projects and claim rewards, simplifying their entry into blockchain ecosystems without navigating complex DeFi protocols or third-party DApps. This feature helps new users quickly obtain necessary project tokens and NFTs, enhancing their learning and engagement with crypto projects. [7]
GiftBox addresses the need for a secure and user-friendly platform to educate users about blockchain, avoid scams, and provide high-quality educational content. It supports SafePal's focus on user security and experience while promoting the adoption of blockchain technology. GiftBox benefits users and blockchain projects by offering a decentralized platform for learning and engagement without collecting sensitive information. It connects projects with a diverse global community, allowing them to share updates and grow their user base. This direct interaction between projects and users leads to measurable growth, higher conversion rates, and increased user loyalty. [7]
Visa Cards
On March 7, 2024, SafePal announced a strategic investment in Swiss bank Fiat24 and introduced an in-app banking gateway and a virtual crypto Visa card. The goal was to integrate cryptocurrency with real-world applications. The companies launched a Visa card with USDCoin (USDC) as the default deposit currency. Users could convert their coin holdings into USDC through Arbitrum and store them in USD, EUR, and CHF for transactions and expenses. [9]
After completing the KYC and onboarding process with Fiat24, users set up individually owned, fully compliant bank accounts within the SafePal mobile wallet app without account creation or management fees. The bank account credentials were minted as NFTs on Arbitrum, ensuring secure and transparent transaction recording on-chain. The crypto Visa cards were also linked to third-party payment platforms like PayPal, Google Pay, Apple Pay, and Samsung Pay. The Visa card was initially available in selected regions of Europe and later expanded across the continent. The in-app banking gateway was accessible outside the United States and in all non-U.S.-sanctioned countries. [9]
SFP Token
The SFP token is a SafePal ecosystem utility token issued on the Binance Smart Chain. It follows the BEP-20 and ERC-20 token standards. It offers value through discounts on SafePal products and services, special coupons, extra yields on SafePal Earn programs, and rewards like token airdrops, staking rewards, and limited NFTs. Additionally, SFP holders can participate in community governance by creating proposals and voting on new features. [8]
Tokenomics
SFP has a total supply of 500M and has the following allocation: [8]
- Foundation Reserve: 20%
- Team: 20%
- Community & Airdrop: 15%
- Product Marketing: 15%
- Strategic Investor: 15%
- Public Sale: 10%
- Partnership & Ecosystem: 5%
Partnerships
- Avalanche
- Injective
- Harmony
- Binance
- Binance Labs
- Animoca
- Nervos
- Simplex
- 1INCH
- PancakeSwap
- ApolloX
- Perpetual Protocol
- Uniswap
- Compound
Integrations
- Binance Connect
- MoonPay
- Kryptos
- deBridge
