Binance-Backed Wallet, SafePal, Reports Record User Acquisition Rates Following The Collapse of FTX

Decentralized wallet brand, SafePal, reports record user adoption rates as fear and uncertainty loom over centralized exchanges following the recent insolvency of top crypto exchange, FTX. 

SafePal, a decentralized wallet brand backed by Binance, reported record user acquisition rates as new users flock to decentralized solutions in the wake of the FTX insolvency crisis. The wallet offers users self-custodial software and hardware wallets, bringing the power of decentralization to its customers. 

According to a report, SafePal saw traffic to its platform increase by 10x since the FTX scandal news broke to the public on November 11. Additionally, the decentralized wallet also reported the sale of its web3 hardware wallet has also reached record highs in the past two weeks. 

Following the recent collapse of FTX, Celsius and Voyager, crypto users’ confidence and trust in centralized exchanges have faltered with over 300,000 (~$3 billion) in Bitcoin assets removed from exchanges. SafePal has been one of the beneficiaries following the collapse of CEXs as crypto users flocked to non-custodial solutions to safely store their cryptocurrencies. With backing from the largest centralized exchange in Binance, SafePal offers users non-custodial wallets that are built around offering the best security and user experience. 

“The recent FTX situation has taught the industry an important lesson about decentralization and transparency,” SafePal’s CEO Veronica Wong said on the safety concerns affecting the crypto industry. “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.”

SafePal launched in 2018 as a comprehensive management platform that allows users to store, manage, swap, and trade their crypto assets via its app, web extension, and hardware wallet. The platform supports 54 blockchains and 15 languages, serving more than 7 million users across 196 countries around the globe. In 2018, it became the one and only hardware wallet team invested by Binance Labs, the venture arm of Binance exchange. 

The recent influx of customers to SafePal shows an increasing favour towards non-custodial wallets among crypto users that help them minimize counterparty risk.

Notwithstanding, SafePal’s native token, $SFP, also witnessed a massive boost in its price over the past month as the token jumped from $0.38 in late October to over $0.80, on November 18. The native token currently trades at $0.50, representing a 32% increase in the past month.