SafePal, a non-custodial cryptocurrency wallet backed by the Binance exchange, has seen a sharp increase in web traffic following the announcement of the FTX crash. The company has reportedly seen record sales of its hardware portfolio, while its web traffic has increased 10-fold since Nov. 11, when FTX filed for voluntary bankruptcy. Under the circumstances, SafePal is poised to make even more money as non-custodial platforms gain traction amid the rise of hacks and thefts.
Arguably, FTX's million customers could not be badly affected if the exchange were a non-custodial platform. In addition, nearly half a billion dollars was embezzled a day before FTX and Alameda filed for bankruptcy protection.
Backed by major investors, SafePal embarked on its latest funding in 2018, led by cryptocurrency exchange Binance. SafePal's native token, SFP, has gained around 42% over the past two weeks, trading around $0,51 at the time of reporting. The SFP ecosystem has a market cap of approximately $55.843.546 and a 24-hour trading volume of approximately $33.887.068.
The SFP altcoin is strongly supported by fundamentals and technicals along with the speculative nature of crypto assets.
Veronica Wong, CEO of SafePal, said:
The recent FTX situation has taught the industry an important lesson about decentralization and transparency. As more and more people realize the importance of taking full control of their assets, SafePal will become one of the leading web3 gateways to the cryptocurrency masses.
SafePal is well aligned with the future of the cryptocurrency market
The SafePal S1, a cryptocurrency hardware wallet retailing for $49,99, has received huge adoption due to its simplicity and broad interoperability with many blockchains. The company provides a cryptocurrency wallet that supports 15 languages and 54 blockchains and now serves more than 7 million users worldwide.
In the past six months, the company's user base surpassed 7 million, with customers from over 196 countries. Additionally, the company's users have the ability to store, manage, trade, and trade their crypto assets.
Having adequately covered the basics of platform development, the SafePal ecosystem has embarked on a journey to market its products to cryptocurrency customers around the world.
However, the firm is facing stiff competition from other non-custodial wallets, including Ledger. Additionally, traditional financial institutions, led by JPMorgan, are developing cryptocurrency wallets to seamlessly connect their customers with the rapidly growing digital market.
The future of the cryptocurrency market is as strong as ever despite current sentiments to the contrary. Countries know that the sector cannot be banned, only regulated. Thanks to regulated products, cryptocurrency-related businesses are thriving in various markets.
