SafePal Crypto Hardware wallet

Just two companies once dominated the crypto hardware wallet market. Now there is a wide range of options available, and SafePal is emerging as one of the better ones.

SafePal is a serious contender to Trezor and Ledger, which have dominated hardware wallets for years. It is the first crypto wallet backed by crypto exchange giant Binance. Therefore, in this article, you’ll discover why SafePal can lead this sector.

What is Safepal?

SafePal, founded in 2018, has quickly amassed more than 3 million users from 196 countries. The company offers a unique hardware wallet and mobile app supporting more than 10,000 crypto assets.

Also, SafePal secured a strategic investment from Binance in October 2018. The wallet integrates with Binance Chain and Binance DEX. The hardware wallet supports most blockchain standards, including ERC-721, ERC-1155, and BSC. Moreover, this makes it a suitable NFT storage device.

Furthermore, SafePal has integrated several other blockchain networks over the past year. These include Polygon, Solana, Cardano, Avalanche, and Fantom. In addition, it supports the Arbitrum and Optimism layer-2 ecosystems if that wasn’t enough.

SafePal Airdrop on March 30th.

SafePal announced a wallet holder offering (WHO) airdrop on March 30th. The giveaway is in partnership with the Boba network. SafePal owners must deposit 21 USDT into the Boba Brewery initial offering pool to be eligible.

During the SafePal WHO and Boba Brewery campaign. Whitelisted participants will share an exclusive 5 million BRE token reward pool. BRE is the native token for the Boba Brewery framework. The announcement explained: “Through this Wallet Holder Offering Event, the SafePal community will get to experience a brand new blockchain as well as a layer 2 network.”

Ledger’s Reputation has been Damaged.

Ledger has seen severe reputation damage from the fallout of a massive server breach in 2020. As a result, thousands of Ledger owners saw personal data stolen. This resulted in a greater mistrust of the company.

Furthermore, the company did very little to compensate customers that lost crypto assets due to the incursion. A wave of phishing attacks and intimidation followed the hack. The attackers sold the data to malicious actors seeking to steal crypto from Ledger owners.

Ledger wallets have also been known to have been tampered with in transit from retailer to buyer. Although this is not the company’s fault, it does introduce another layer of risk for the product.

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