SafePal Wallet Project Review: 1st Tokenized Crypto Hardware Wallet

SafePal takes care of your cryptocurrencies, securing your private keys on their hardware wallet while simultaneously letting you manage, observe and trade your assets from the mobile app. 

By
Rich
on
February 11, 2021
Category:
Project Insight

SafePal Wallet Project Review

SafePal takes care of your cryptocurrencies, securing your private keys on their hardware wallet while simultaneously letting you manage, observe and trade your assets from the mobile app. 


SafePal

"Shenzhen Safepal Technology Co., Ltd" was founded by a strong team with backgrounds in hardware design, software design, and cyber-security in January 2018.  The city of Shenzhen is China's cryptocurrency and tech hotspot, like the Silicon Valley of China, where big names like Huawei, Samsung, Cisco and Tencent, and many more hold office. This region is ideal for a cryptocurrency project; the environment is full of "resources." 

Later in 2018, Binance decided to back (fund) the project, and its product launched in May of 2019.

With the price of the hardware wallet being only $39,99, it is no wonder that the demand for it is high, recently resulting in being out of stock until February 28th, 2021, in their webshop


SafePal S1 Hardware Wallet and Wallet App 

The app (software wallet) is available for Android and Apple IOS. The app provides an interface with which you can send or receive cryptocurrencies, interact with contracts (dAPPS), and trade using both SafePal DEX (Decentralized Exchange) and Binance CEX (Centralized Exchange) interfaces. 

The SafePal Dex is an AMM (Automated Market Maker) that allows token swaps across different blockchains; the most prominent are Ethereum, Bitcoin, and Binance Smart Chain. There are also staking options built within the SafePal Earn feature, which will be implemented in Q1 of this year. The app also functions as an on-ramp and will let you buy crypto using credit cards, bank transfers, IDEAL, BanContact, EPS, GiroPay and SofortBanking methods.

The Hardware Wallet improves security by storing your private keys and allowing you to approve transactions sent from the app. This offers more protection for your long-term crypto assets, keeping them in your custody. The Hardware Wallet is delivered in a lovely box that has double anti-tamper sealing. The SafePal team does this to ensure the device has not been tampered with on its way over to you. In the box, you will find the following contents:

  • SafePal S1 Hardware Wallet
  • USB-A to Micro-USB cable
  • Three mnomic seed phrase recovery sheets
  • 2 Stickers
  • Quick start guide/ user manual
  • Cleaning cloth

With its built-in 1.3 inches full-color screen and camera, you can scan the QR codes from the device or phone App and seamlessly approve transactions. The 400mAh battery is sufficient to power the device for up to 3.5 hours of operating time; this is very long considering the device is mostly in a dormant state. If you would use it for 10 minutes a day, a full battery should last 20 days. Recharging is done via the supplied USB cable, and the same cable is used for upgrading firmware. This is the only time the otherwise fully air-gapped Hardware Wallet has to be connected to a personal computer. Otherwise, all connections are made by scanning encrypted QR codes; no wires are required.

If you want to learn more about setting up your SafePal Hardware Wallet, I can recommend that you have a look at their various tutorials on their YouTube Channel, found HERE

The app has many security options, such as fingerprint scans, security passwords, pattern passwords, and pass-phrase login functions. To further secure your app from prying eyes, there is the privacy mode, hiding your balances.

Security for the Hardware Wallet consists of:

  • the box will have two anti-faking stickers; this enables users to check if the package has been opened/ tampered.
  • The device will, after power-up, go through a compulsory device authentication; this is done via your phone app which will activate your device.
  • EAL5+ secure element technology makes sure your device and private keys stay safe.
  • A self-destruct mechanism makes sure your device is wiped clean when anyone tries to open it physically or by having too many failed attempts for opening it, leaving potential hackers empty-handed. Of course, you can just use your seed phrase to get your access back.
  • The device makes use of a true random number generator, making sure generated keys are genuinely random.

The SafePal Wallet supports over 20 blockchains under which also Binance Smart Chain (BSC) and well over 10.000 tokens. Unlike the Ledger and Trezor Wallets, for the SafePal Wallet these tokens don't require the installation of 3rd party Apps, making it much easier to manage your crypto's.

The SafePal Wallet App also allows for creating multiple accounts, for instance a long term and a daily use wallet, making managing multiple wallets very easy from within the app.

Trading inside the app is very convenient done either by swapping on a DEX or to make use of the build in Binance Spot market function, made possible by Binance Backing the SafePal project. In a recent update, stop/limit order functions and the option to convert small holdings to $BNB tokens, just like on Binance, was added. This really makes trading from the app very convenient.

Possibilities to interacts with smart chain contracts via dAPPS and in-App staking are also present and easily accessible. Another very nice thing is that you can send cryptocurrencies to friends that are on social media networks like Twitter


SafePal Token

SafePal Token $SFP is a BEP-20 token on the BSC. It was launched from Binance's Launchpad in January 2021; users could only use $BNB to buy the tokens during this pre-sale. The token price was set at $0.10 and 50 million tokens were sold, bringing the sale total to $5,000.000- together with the seed, strategic and private sale the total funds raised were over $7,264,600. The token price currently is around $2,60, so if you were lucky enough to participate in any of the pre-sale rounds, you would be in good profit.

There currently are 108,166,667 out of 500,000,000 $SFP Tokens in circulation, and the token is ranked just outside the top 100 on Coingecko (117).

The token allocation is as follows:

  • Binance Launchpad Sale 10.00% of the total token supply
  • Seed Sale 2.00% of the total token supply
  • Strategic Sale 9.00% of the total token supply
  • Private Sale 4.00% of the total token supply
  • Team 20.00% of the total token supply
  • Community 10.00% of the total token supply
  • Airdrop 5.00% of the total token supply
  • Partnership & Ecosystem 5.00% of the total token supply
  • Product & Marketing 15.00% of the total token supply
  • Foundation Reserve 20.00% of the total token supply

SFP Token Key Utilities:

  • Fees & Discounts: Users may use $SFP for fees and discounts on the SafePal products and services 
  • Staking Rewards: SafePal users can stake $SFP to yield extra interest from the SafePal Earn programs 
  • Community Governance: $SFP token holders can create proposals and vote for the Treasury fund usage and new features such as adding new blockchains on the SafePal products .
  • Ecosystem: $SFP will be the key driver of the SafePal Open Platform to provide open-sourced hardware wallet solutions for the industry 


Future Plans

  • The new SafePal S2 wallet will be released Q1 this year.
  • The SafePal Earn feature will be released Q1 this year
  • More supported languages for the wallet App Q1
  • More network Support integration of VeChain, Cardano, and THETA networks planned for Q2 2021
  • Credit card payments added for the Hardware Wallet Q2 2021
  • More partnerships upcoming under which Travala, PancakeSwap and Rarible NFT.


Summary

The SafePal Wallet App is a beautiful tool for interacting with and managing your crypto. Its built-in SafePal Swap DEX coupled with its cross-chain capability is indeed very handy. Trading using the built-in Binance spot trading feature allows users to fine-tune their trades even more, using the stop/limit orders.

The fact that the wallet supports a plethora of tokens and coins makes it more useful, especially for roaming the De-Fi Yield farming landscape because you can interact with the dAPPS directly from within the app. The many partnerships with companies like Binance are a sure sign this company means business, selling their Hardware Wallet at a very affordable price compared to some of the competing parties. The best part is that SafePal offers the same if not better protection compared to many of its rivals.

The Hardware Wallet is a great security layer, but I think it's mainly useful if you want to put crypto in cold storage. For those who opt-out of the cold-wallet, the app will create more than one wallet; that way, you can have a cold and a hot wallet. Ideally utilizing the Hardware wallet for long-term storage and the app for your day-to-day business—the Hardware Wallet essentially being your bank.

Overall SafePal offers users a user-friendly UI coupled with safety features and countless possibilities to  earn, send and receive tokens. SafePal has integrated seamless features allowing user to buy trade crypto and interact with dAPPS. The benefits the $SFP token brings, grants them a kudos from me; good job SafePal!

If you want to find out more about SafePal, you can check out their website and social media sites:

Website

Blog

Telegram

Twitter

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Rich

Richard is a multilingual writer, located in the Netherlands, husband and father, cryptocurrency and tech enthousiast enjoys long walks and bicycle rides. Fervent Binance Smart Chain projects promotor.