- Popular non-custodial crypto wallet SafePal has seen a surge in sign-ups after the recent crash of the FTX cryptocurrency exchange
- SafePal is becoming the choice of many as cryptocurrency holders look out for non-custodial solutions that minimize counterparty risk
Leading non-custodial wallet SafePal has disclosed a surging number of new users following the recent FTX insolvency. The platform announced that the surging number of sign-ups have seen traffic to its platform spike by over 10x since November 11.
The recent crash of the popular cryptocurrency exchange, FTX, has been a buzzing topic that has shaken the confidence in the crypto exchange industry, causing many crypto investors to seek better means to secure their crypto wealth. Thus, the idea of non-custodial wallets is gaining much more traction.
In addition to the increased traffic, SafePal also revealed that the sales of SafePal’s web3 hardware wallet have reached record highs since November 11. More precisely, Safepal's number of users in the last 6 months has exceeded 7 million. The analysis covers users from more than 196 countries.
Crypto holders turn to SafePal for crypto self-custody
SafePal is a Binance-backed decentralized wallet brand which provides crypto users with both hardware and software cryptocurrency wallet solutions. The platform allows users to store, manage, swap, and trade their crypto assets with no fear of counterparty risk. The platform has been providing its safe and user-friendly services since 2018.
With crypto users seeking out safe havens following FTX insolvency, it appears that crypto users are now moving towards the direction of non-custodial solutions to enable them to have full control over their assets with no need to trust any third parties.
SafePal CEO Veronica Wong commented on the company’s recent momentum:
"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."