What is SafePal (SFP)?
SafePal and the entirety of its services were released as a means of helping users safeguard and grow their assets. The highlight of its services is the cryptocurrency wallets it provides, which include both software and hardware wallets, manageable via the SafePal application. In addition to that, it was one of the first hardware wallets that Binance backed.
The Genesis and Evolution
The release of SafePal is traceable to 2018, the development of which can be attributed to a team that Veronica Wong led, comprising various cryptocurrency enthusiasts, with all having backgrounds within hardware engineering, data science, and software.
The idea underlying its development was to build a hardware wallet that would be affordable for most users.
This idea must have probably been what led Binance to incubate it in December 2018, providing it with the resources required to further its development. Following that, in May 2019, SafePal S1, a hardware wallet, and the team’s first project, saw its release, just like they planned.
Key Features and Services Offered by SafePal
The wallets that SafePal provides, then, come with support for numerous cryptocurrencies, including the popular ones found on the TRON, BSC (Binance Smart Chain), and Ethereum blockchains. Consequently, users would not have to compromise on security, all while storing, trading, swapping, managing, or growing their portfolios.
The Technology Behind SafePal
Below, we will go over a few of the technological aspects that SafePal has incorporated within its architecture.
Innovations and Security Measures in SafePal
SafePal has a fair amount of products or services that warrant a mention. Firstly, the hardware wallets it offers are fully decentralized and offline, with even a seed phrase board called SafePal Cypher included, which is metallic and resistant to corrosion, fire, water, and salt, all so that one’s mnemonic phrase can be effectively safeguarded. What’s more, alongside security, they’re meant to be inexpensive.
How SafePal Enhances User Privacy and Security
However, as previously stated, SafePal offers more than simply wallets, and therefore, several features are built in for users to explore or utilize. In addition to that, the inclusion of such features has come with the integration of several privacy or security features, which will be adequately discussed later on.
The SafePal Wallet Ecosystem
Below is a deep dive into the wallet ecosystem encompassing SafePal, where we will outline some of its core aspects.
Understanding the SafePal Cryptocurrency Wallet
The two primary types of wallets that SafePal has to offer are hardware and software wallets, and each of them has its own distinct differences or features, which we will subsequently dive into below.
Integration of Various Cryptocurrencies in SafePal Wallet
As far as token integration is concerned, SafePal has included an enormous amount—more than 10,000, to be precise—along with support for over 20 blockchains. So, the cryptocurrency support here is by no means limited.
Differences Between SafePal’s Hardware and Software Wallets
As implied by what they’re known as, SafePal’s hardware wallets are tangible things, i.e., for you to actually hold onto. These wallets can store one’s funds offline, safe from the several threats just waiting to be discovered online. As for the software wallet, it is your standard online wallet with an intuitive and simple design, accessible to every user. Also, among the other software it offers, which we mentioned earlier, are SafePal Swap, SafePal Earn, and SafePal Trade.
Advantages of Using SafePal’s Wallets
The primary benefits of engaging with its wallets include affordability, a straightforward and intuitive design, advanced security, and extensive cryptocurrency support, coupled with various other features.
SafePal Token (SFP)
Let’s now shift our attention towards its native token, SFP, and go over the various roles it plays or its utility along with tokenomics.
The Role and Utility of SFP Tokens
The SFP token is a BEP-20 token, transferable to any wallet supporting the BSC network.
Moreover, it may also be traded with various other assets and serve as a way to pay for services. The token can also be used for governance, where holders may produce proposals and then vote on newer features like integrating new blockchains or cryptocurrencies into SafePal’s products.
Tokenomics of SFP
On to tokenomics: the price is currently valued at approximately $0.6; it has a market capitalization of over $270 million, a fully diluted valuation of more than $320 million, and a daily trading volume of over $3.4 million. As for supply, its total and maximum supply is exactly 500 million tokens, and its current circulating supply is over 420 million tokens.
How to Purchase SFP Tokens on Binance
Now, if you’re interested in buying SafePal’s native token, i.e., SFP, then we will discuss how that may be done on Binance, the world’s largest cryptocurrency exchange.
Registration
As with any exchange, to buy on Binance or engage with its services, you will have to create or register for an account. To do so, click on the link below, which will take you to the registration page using a special Coin-Labs referral code. Once there, fill in all of the fields required, including the ones for your email address, password, etc.
KYC Verification
Following registration, KYC, or getting your account verified, should come next if you want to access the entirety of Binance’s services. Navigate to its verification page, where you will have to enter some information or data about your identity, such as your full name, date of birth, ID number, etc., and then back such data with documentation evidence.
Once you’re done with KYC and your account has been verified with Binance, although optional, you should amp up the security of your newly created account, for which Binance offers various features. So, navigate to its security page, select from the options you want to go through, such as 2FA, biometric scanning, etc., and follow the instructions that Binance will provide to set them up.
Funding Your Account
Now, what comes next is making that first deposit or funding your account. Head over to Binance’s deposit page, and then select the token you wish to deposit and the network supporting it, after which a deposit address should be generated. Simply copy and paste this address into the withdrawal field of an external wallet or exchange from where the transfer is to be initiated, once you have selected the same token and network there, that is.
Buying SFP Tokens
Once your deposit has arrived, you can now move on to buying some SFP tokens. However, there are several options for doing so here, and you’ll have to pick one. These can include spot, futures, P2P trading, copy trading, swapping, etc. Out of these, simply swapping what you have already deposited for some SFP tokens will likely be the simplest and quickest to execute.
Withdrawing
Once you have finally acquired some SFP tokens, you can move on to withdrawing them to a wallet or exchange. So, navigate to its withdrawal page, select the SFP token, specify the withdrawal amount, and pick a network that supports it. Following that, just paste your wallet’s or exchange’s deposit address into the withdrawal field after choosing exactly the same token and network there.
Storing and Managing SFP Safely
The importance of incorporating safer options for cryptocurrency storage cannot be overstated. As of now, the most secure option would be cold storage or hardware wallets, which SafePal already provides. But if you are looking for something else, then Ledger’s wallets might be worth your time.
SafePal’s Security Features
Let’s now take a brief look at the security measures that one may find on SafePal.
Ensuring Asset Security with SafePal
Its hardware wallets are embedded with sophisticated security features, such as an EAL5+ secure element, a device authentication mechanism, and a self-destruct mechanism, among various other features. As for its software wallet, it comes with a built-in passphrase, fingerprint lock, pattern lock, and a security password.
User Security and Data Protection
According to SafePal, user safety and data protection are among their top concerns.
To that end, it incorporates a “your keys, your crypto” policy, not allowing your private keys to be left anywhere other than your non-custodial wallet, in that no one may access your funds, and that includes SafePal.
SafePal in Decentralized Finance (DeFi)
Wallets serve as a gateway into the various realms of DeFi, and with SafePal offering safe, intuitive, and more affordable wallet options, the role it plays within the sector is self-evident.
Community and Ecosystem of SafePal
According to SafePal, it is trusted by more than 10 million users, which, if true, implies that it has a fairly large community that utilizes the various products within its ecosystem, including its hardware and software wallets, along with the swapping, earning, and trading options it has to offer.
Upcoming Developments in SafePal
While SafePal hasn’t released a roadmap for this year or beyond, given its offerings, more cryptocurrency or blockchain integrations in the future are to be expected.
Conclusion
From secure and affordable storage solutions to integrating with a variety of platforms and tokens, SafePal can be a reliable and user-friendly alternative to standard cryptocurrency wallets for enthusiasts within the sector.
We Coin-Labs.com provides only objective information about SafePal.
Therefore, we are not responsible for the investment decision in SafePal and the resulting loss.
SafePal Basics
Here are some factors that investors should consider before investing in SafePal.
| Cryptocurrency Features | SafePal (SFP) |
|---|---|
| Publisher or Developers | Veronica Wong |
| Headquarters (Registration Number) | Singapore |
| Symbol | SFP |
| Platform | Binance Smart Chain, Ethereum |
| Published Date (CMC Registration) | 2024-02-23 |
| Max Supply | 500,000,000 SFP |
Reliability Score of SafePal in 2024
These are indexes mesuring the investment reliability of SafePal conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 3 Exchanges |
| Number of Available Pairs Worldwide | 169 Pairs |
| Market Cap of the Cryptocurrency | 277,400,756 USD (Rank #163) |
The table above shows the result of investment suitability evaluation for SafePal.
Check out how we evaluate cryptocurrencies on the crypto rating description page.
SafePal Price
Here are the price and recent trading volume of SafePal. (Data of 2024-02-23 16:23:00)
| Price Items | Price and Trading Volume of SafePal |
|---|---|
| SafePal Price | 0.762 USD |
| Price Change 24h | -1.84% |
| Price Change 7d | -0.50% |
| Trading Volume 24h | 4,806,666 USD |
| Trading Volume Change 24h | -68.37% |
Cryptocurrency Metadata
You can check the development status and social media information of SafePal through the links in the table below.
| Metadata Source | URL |
|---|---|
| 🌎 Official Website | https://www.safepal.com |
| 📖 White Paper | https://www.safepal.com/pub/SFP_Whitepaper.pdf?a=5 |
| 🛰️ Source Code (GitHub) | https://github.com/SafePalWallet |
| https://twitter.com/isafepal | |
| 🎺 Message Board |
Where to Buy SafePal
Here are the top ten world crypto exchanges where traders can buy SafePal in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Listed | https://www.binance.com/en/trade/SFP_BTC |
| Coinbase | Not listed | |
| Kraken | Not listed | |
| KuCoin | Listed | https://www.kucoin.com/trade/SFP-USDT |
| Bitfinex | Not listed | |
| OKX | Not listed | |
| Huobi | Not listed | |
| Bitstamp | Not listed | |
| Bybit | Not listed | |
| Gate.io | Listed | https://www.gate.io/trade/SFP_USDT |
Frequently Asked Questions
What is the current price of SafePal?
SafePal price today is 0.762 USD. Furthermore, the price of SafePal has fluctuated by -1.84% from 24 hours ago, and by -0.50% from a week ago.
Where is SafePal listed?
Currently, it is listed on a total of 3 among the world top 10 exchanges.
What is the market cap of SafePal now?
Currently, SafePal has a market cap of 277,400,756 USD, which is ranking 163 among cryptocurrencies worldwide.
How much is the trade volume of SafePal?
Currently, 462,500,000 SFP coins are circulating through 169 market pairs. As a result, in the last 24 hours, 4,806,666 USD of SFP coins were traded in the market.
