Yesterday, I noticed that the next Binance Launchpool is set out to be for Safepal. I hadn't even heard about Safepal before I saw this post, but it immediately catched my interest as I read more about. So, what is it?
What is SafePal?
Safepal is a brand new offline wallet for cryptos, just like the Ledger and Trezor, but so much more at the same time. It is nearly connected to Binance, meaning that it has already received lots of attention because of their cooperation. Now it is part of the Binance Launchpool, and they have built-in support for Binance Smart Chain and lots of other chains and tokens!
SafePal is a wallet that will store your cryptos. But, there are lots of built in functions as well, meaning that you can trade directly on Binance, Uniswap, and use lots of other DeFi apps. One of the features I look very much forward to is also a Hold and Earn function that should come in the coming months. This will make it very similar to Nexo (a platform I love) meaning that you will earn simply by holding the tokens. Here people can also use the SFP token to earn higher interest, one of many functions of the SFP token.
Another interesting feature is that the SafePal is to be used with your phone, and not with a computer. They are also taking security to a new level with the signing process. Here you can read it with their own words:
"Instead of USB, WiFi, NFC, antenna or any other radio-frequencies, SafePal S1 adopts air-gapped signing mechanism, keeping the device 100% offline. To transfer a fund from a SafePal S1 hardware wallet, the only way to sign and approve the transaction is to scan the short-distance QRcode, which can prevent any online attacks and shortdistance peeking."
I ordered my SafePal yesterday and I look very much forward to give it a try. I will return with a review and more info once I actually try it. If you want to check it out yourself and maybe read more about it, visit safepal.io for more information.
One thing I also find interesting is that so many currencies are supported, just look at the picture below.
One of the most annoying things with my Ledger is that I can only have 5-6 apps installed at the same time. Luckily, there are no such limits with SafePal, and it also has a color monitor. It isn't big, so it is said to take up just as much space as your bank card in your wallet (or something like that).
I have ordered my SafePal. Anyone else out there on Hive who has any experience with SafePal? Do you like it? I would love to hear from you!
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