Binance-backed SafePal witnesses record registrations following FTX insolvency


  • Binance-backed decentralized wallet brand SafePal reports a record number of new users in the wake of the FTX’s default.
  • SafePal CEO Veronica Wong addressed the FTX situation has taught the industry an important lesson regarding transparency and decentralization.
  • The recent users’ influx to the platform mirrors a broader trend for cryptocurrency holders in favor of non-custodial solutions helpful in minimizing counterparty risk.

In a recent announcement, it was revealed that the decentralized wallet brand backed by Binance, SafePal, has recorded a record number of new users amid the insolvency of FTX. As per the revelations, the traffic to its platform has surged by ten times since November 11. Talking about the sales of the Web3 hardware wallet of SafePal, they, too, have managed to reach record highs during the same period. 

As witnessed in the past two weeks, crypto users have rushed to non-custodial solutions in order to store their coins. This situation sure has contributed to highlighting the importance of self-custody. Veronica Wong, the CEO of SafePal, revealed that the recent situation related to the FTX exchange had taught the industry a really crucial lesson regarding transparency and decentralization. 

Given the fact that more and more people are beginning to realize the importance of taking complete control of their assets, SafePal is all set to become one of the major Web3 gateways for the crypto masses. 

The influx of new users in SafePal mirrors a wider trend for cryptocurrency holders to favor non-custodial solutions that are helpful in minimizing counterparty risk. Over the last six months, the number of users has surpassed 7 million, covering users from more than 196 countries. 

The wallet extends support to 15 languages and a total of 54 blockchains. At the time of writing, the comprehensive crypto management platform allows users to store, manage, swap, and trade their crypto assets.