SafePal (SFP)

Wallet and Asset Management

SafePal lets you store, send, and receive over 10,000 cryptocurrencies and NFTs. It supports many blockchains like Bitcoin, Ethereum, Binance Smart Chain, and more. You can manage your digital assets easily on mobile, browser, or hardware devices.

Trading and Swapping

You can buy, sell, swap, and trade cryptocurrencies directly within the SafePal app. It also supports decentralized exchanges (DEX) for seamless crypto-to-crypto swaps.

Earning and Staking

SafePal allows users to stake certain cryptocurrencies to earn rewards or yield, helping grow your crypto holdings over time.

Security and Backup

SafePal offers hardware wallets and accessories like the SafePal Cypher to protect your seed phrases and private keys offline, ensuring your crypto assets are well protected.

Cross-Chain and NFT Support

The platform supports bridging assets across different blockchains and managing NFTs, making it easy to access and use digital collectibles.

Ecosystem Utility

The SafePal token (SFP) is used within the SafePal ecosystem for various functions like governance, rewards, and discounts on services.

Pros

• Affordable price point, making it budget-friendly for many users.
• Easy to use, suitable for beginners.
• Supports a wide range of cryptocurrencies and NFTs (over 10,000 tokens).
• Offers both hardware and software wallet options.
• Air-gapped operation (works offline) for added security.
• Backed by Binance, a major player in the crypto space.
• Portable and compact design.
• Features like staking and built-in decentralized exchange (SafePal Swap).
• Self-destruct mechanism for extra protection.
• Compatible with multiple blockchains including Binance Chain and Binance Smart Chain.

Cons

• Smaller screen size on hardware wallets.
• Limited storage capacity for apps.
• Closed source software, which some users may find less transparent.
• Some users prefer wallets focused only on Bitcoin rather than many altcoins.
• Newer product compared to some competitors, so less established history.
• Some reported security flaws found by third parties (though it offers strong offline security features).

Founders

SafePal was founded in 2018 by Veronica Wong along with two co-founders who shared her mission. Veronica Wong is the CEO and a key leader of the project.

Institutional Investors

SafePal has four main institutional investors: Binance Labs, Archerman Capital, Clever Capital, and Superscrypt.

Funding Details

The latest funding round was on February 8, 2021, raising about $7.26 million.

Notable Backers

Binance Labs is a key investor and also the first hardware wallet investor in SafePal.

Halal Status

Yes, SafePal is considered halal. It uses a proof-of-stake consensus mechanism and its token is actively used for governance and platform participation rather than interest-based earnings, aligning with Islamic finance principles.

Reasoning

SafePal’s ecosystem focuses on utility and participation without involving traditional interest or gambling elements, which supports its halal classification according to available Shariah compliance reports.