SafePal, the Binance-backed decentralized wallet brand including software/hardware/extension wallet offerings, revealed on Wednesday, November 23rd, that it saw record numbers of new users in the wake of FTX’s insolvency.
According to the press release shared with Cryptowisser, SafePal said traffic to its platform has increased by 10x since November 11, while sales of its web3 hardware wallet have reached record highs during the same period.
Binance, the world’s leading crypto exchange, is a major investor in SafePal. Since FTX became insolvent two weeks ago, SafePal said ryptocurrency users have flocked to non-custodial solutions for storing their coins. This episode has highlighted the importance of self-custody. SafePal is one such solution: a decentralized wallet brand built around security and user experience since 2018.
While commenting on this latest development, SafePal CEO Veronica Wong said:
"The recent FTX situation has taught the industry an important lesson about decentralization and transparency. 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."
The influx of new users to SafePal indicates a broader trend for cryptocurrency holders to favor non-custodial solutions that helps minimize counterparty risk. In the last six months, the number of users exceeded 7 million, covering users from more than 196 countries, the SafePal team added.
SafePal is a comprehensive crypto management platform that allows users to store, manage, swap, and trade their crypto assets. SafePal supports 15 languages, 54 blockchains and is now serving more than 7 million users across the globe with hardware wallets, software wallets, and browser extension wallet product lines. It is also the first and only hardware wallet team invested by Binance Labs, the venture arm of Binance.