Time for DeFi? SafePal, a non-custodial wallet provider, reports record highs in user traffic as crypto users wrap their heads around the FTX collapse.
Binance-backed decentralized crypto wallet, SafePal announces record highs in user traffic in the wake of the FTX insolvency crisis. According to the SafePal team, the platform has recorded over 10x increase in user acquisition since November 11, with the total user base now over 7 million users across the globe. Notwithstanding, the sales of its Web3 hardware wallet have reached record highs during the same period, as users look for better solutions to store and safeguard their cryptocurrencies.
The fall of FTX, affixed to the collapse of Celcius and Voyager, has seen crypto users abandon centralized exchanges in favour of non-custodial solutions to store their coins. The FTX episode has highlighted the need and importance of non-custodial solutions. With SafePal, users can safely store their coins with the platform designed to offer self-custodial security solutions and a better user experience than the current decentralized wallets.
“The recent FTX situation has taught the industry an important lesson about decentralization and transparency,” SafePal CEO Veronica Wong said: “As more people realize the importance of taking full control of their assets, SafePal will become one of the major web3 gateways for the crypto masses.”
In light of the massive user acquisition stats, the SafePal native token, $SFP witnessed a 94% increase in price in the week following FTX’s filing for bankruptcy. $SFP trades at $0.50 as of writing, representing a 32% increase in the past month.
Launched in 2018 with support from the Binance Labs team, Binance’s venture arm, SafePal offers a comprehensive crypto asset management platform. The platform allows users to store, manage, swap, and trade their crypto assets via its hardware wallet, software wallet, and browser extension wallet. The influx of users on SafePal mirrors the broader trend for crypto investors to select non-custodial solutions over centralized exchanges, minimizing the counterparty risk, with the trend looking to continue into 2023.
The platform is also broadening its features to include a global audience, with over 7 million users on the platform in the past 6 months, covering users from over 196 countries across the globe. The platform supports 15 languages and extends its wallet services across 54 blockchains, which boosts trading while promoting the adoption of decentralized finance (DeFi).
Finally, SafePal also recently announced support for The Open Network (TON), originally built by Telegram, becoming the first case of native hardware wallet integration for TON. With this integration, TON users can store, send and receive Toncoin in a more sec
