Cryptocurrency News

SafePal Crypto Benefits From FTX Insolvency, Records 10x Traffic Increase

By November 23, 2022 No Comments
SafePal (SFP) cover image

Key takeaways:

  • One of the winners of FTX’s insolvency is the Binance-backed wallet SafePal
  • The firm says its site recorded a 10 times surge in traffic

SafePal, a Binance-backed decentralized wallet platform, has recorded a surge in new users following FTX’s insolvency and eventual bankruptcy, according to a press statement shared with CoinCodex.

SafePal recorded a 10× increase in its traffic, alongside a record high sales level of its Web3 hardware wallet, since November 11. 

FTX implosion boosts interest in hardware wallets

A major reason for the increase and sudden growth can be attributed to SafePal’s provision of self-custodial wallets. 

Since the FTX crisis, crypto investors have become increasingly drawn to the need to store their assets on hardware solutions. Some of them have recognized SafePal as a viable solution to this need.

SafePal CEO Veronica Wong, while commenting on the issue, noted that the recent FTX situation had taught the crypto 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,” she added.

The influx of new users to SafePal signifies the global crypto community’s growing interest in and favor of non-custodial wallets. 

Through non-custodial wallets, users can minimize counterparty risks, thus avoiding another FTX-like issue. Records indicate SafePal has gotten over 7 million users from 196 countries over the last six months. 

Apart from SafePal, other hardware wallets like Ledger also recorded an influx of new users into their platform. In fact, Trust Wallet’s native token surged by over 100% due to the wave of interest in the space.

SafePal launches 1 million SFP token airdrop

SafePal, in its bid to attract new users, has launched an airdrop featuring one million SFP, the platform’s traditional token. According to SafePal, this move is geared toward bringing light and confidence to the crypto industry. 

“In this darkest moment of the industry, we feel obliged to introduce an opportunity to allow new crypto users to enter the world of decentralization and get a taste of what ‘Own Your Money’ truly feels like.”

The SFP Airdrop, scheduled to last from November 16 to 30th, will allow users to enjoy the full benefits of a decentralized platform. Only new users who register are eligible to receive the airdrop.