In the aftermath of FTX’s bankruptcy, SafePal, the Binance-backed decentralized wallet brand with software, hardware, and extension wallet products, has announced record levels of new customers. Since November 11, the platform has seen a 10x surge in traffic, and over the same time, SafePal’s web3 hardware wallet has had record-breaking sales. Binance served as the fundraising round’s lead for SafePal in 2018.
Users of cryptocurrencies have flocked to non-custodial storage options during the last two weeks. The significance of self-custody has been made clear by this occurrence. One such option is SafePal, a decentralized wallet company founded in 2018 that focuses on security and user experience.
Veronica Wong, CEO of SafePal, said:
“The recent FTX situation has taught the industry an important lesson about decentralisation and transparency. As more people realise the importance of taking full control of their assets, SafePal will become one of the major web3 gateways for the crypto masses.”
The increase in new customers at SafePal is indicative of a broader trend among crypto owners to seek non-custodial solutions that reduce counterparty risk. Over the past six months, there have been more than 7 million users, representing users from more than 196 countries.