SafePal (SFP): The Hardware Wallet on Par With Ledger

When it comes to managing your cryptocurrency with confidence, SafePal’s excellent hardware wallet, the S1, is a great choice. This top-tier piece of crypto tech is completely detached from the web, so it maximizes your crypto security. SafePal's hardware wallet is fully portable, too. You can take it anywhere you travel; just pitch it in your pocket. For its price, this crypto tech product is hard to beat. Interested to find out more? Read on as we discover the features of the SafePal S1, as well as other SafePal products you shouldn’t miss out on.

What Is SafePal?

History of SafePal

SafePal’s story begins in 2018. Before the year’s end, Binance, the world's largest crypto exchange, had strategically invested in the newest security company in the crypto space. Subsequently, in May 2019, SafePal launched the S1, its hardware wallet. At the end of the year, the expanding company implemented its fiat on-ramping services.

Five months later, in May 2020, SafePal launched its software wallet online. In August, the company implemented trading services and a DApp store through Binance. As 2021 dawned, SafePal issued its new utility token, SFP.

The new year featured several brand milestones. In February, SafePal became Binance's first launchpad project. A month later, SafePal began its Wallet Holder Offering Program, a hit with loyal users. In October, the company's popular crypto yield aggregator, SafePal Earn, became available, and then the new Giftbox Program closed out the year.

In 2022, this leading protector of crypto assets kept improving its value. The brand added 25 blockchain platforms to its wallets' supported platforms. Additionally, SafePal launched its Extension Wallet for browsers in July. Finally, the crypto tech company raised its user base to 7.5 million.

How Does SafePal Work?

The SafePal hardware wallet is a highly secure way to store your private keys for BTC, ETH or any other crypto assets. With no connection between the device and the web, your SafePal wallet creates an air gap that helps you squirrel away your investments from nefarious actors.

The SafePal S1 Hardware Wallet protects your crypto assets with:

• EAL5+ certified security
• Multiple security-sensor layers
• A true RNG
• A self-destruct mechanism

Additionally, this excellent crypto wallet:

• Supports 54 blockchains, with more to be added in the future
• Offers unlimited currency storage
• Lets you add and delete tokens easily
• Onboards new tokens through firmware upgrades

SafePal's hardware wallet specs include the following:

• Camera for QR codes
• 1.3-inch screen
• Arrow keys
• OK button
• 400mAh battery
• Charger port

Resembling a thick credit card with a screen on it, SafePal's S1 Hardware Wallet is an excellent alternative to software wallets.

SafePal Products

For a rich understanding of what SafePal offers, take a moment to learn about the growing company's full product line.

SafePal Software Wallet

SafePal further established its brand with this excellent product — the SafePal Software Wallet. You download it onto your phone to protect your digital assets. You can manage your SafePal Software Wallet on an Android or iOS device, and just like the SafePal S1 Hardware Wallet, it supports 54 blockchains. It also has seed phrase support for an extra layer of security.

SafePal S1 Hardware Wallet

The S1 Hardware Wallet from SafePal provides maximum security. You can lock it in a safe for cold storage or conveniently bring it with you, though we’d recommend against this, as you might lose it.

More importantly, the S1 competes quite nicely with Ledger crypto wallets, which many consider top-notch. You can confidently choose the S1 and feel quite secure about the state of your digital currency and assets.

SafePal Extension Wallet

You can add the SafePal Extension Wallet to your Chrome, Firefox or Edge browser. It gives you a full SafePal experience within your web browser, so you can check on your preferred assets' prices without opening SafePal's app. This is a convenient way to access DeFi and DApps during your workday. Just put the extension on your work browser. (You don't have to tell the boss — keep active in your DeFi life, and you'll be the boss soon enough.)

SafePal Cypher

Buy this crypto wallet accessory to protect your mnemonic seed phrases with ultrahigh security. Seed phrases are essential in cases where hardware wallets become misplaced, for example. This important accessory enables the recovery of your digital assets. SafePal's Cypher features support for 12-, 18- and 24-word phrase strings.

If extreme confidence in your life's diverse security products matters to you, Cypher's build will impress you. The crypto-tech company engineered this phrase-protecting device to withstand fires exceeding 2,500°F. Its 304-grade stainless steel resists water, acid and salt, too.

Features of SafePal

Within SafePal's exceptional crypto ecosystem, you’ll notice valuable features.

SafePal Swap

SafePal Swap stands among the best swap services in the crypto industry. You can access it through the company's software wallets.

SafePal Swap lets you conveniently swap crypto tokens across different blockchains. Compared to other alternatives, the service is fast and cheap. You’ll enjoy limited slippage, too. On the SafePal App, swap orders are usually completed within 30 minutes.

SafePal Earn

Whether you trade briskly or HODL, you want to build crypto value. SafePal Earn lets you do this in a native decentralized finance environment, giving you the simplest DeFi experience available.

You access Earn within the smooth-running SafePal App. The feature lets you aggregate yield by staking crypto without a third-party DApp. With Earn, you also don't have to store your gas fee tokens for pool compounding.

Every SafePal Earn protocol operates around SFP, the company's popular utility token. Auto-compounding plays an important role in easily creating gains through Earn. A nominal percentage of the pool's profits creates revenue for the platform.

Advantages of SafePal

When you choose SafePal's S1 Hardware Wallet, you gain important advantages over other forms of storing your vital crypto data.

100% Cold Storage

Possessing a top-quality hardware wallet lets you opt for the cold storage of your cryptographic keys. By comparison, you might envision a software wallet, which is connected to the web's infrastructure, as hot storage.

Clearly, by comparison, hot storage is problematic. Cold storage maximizes your security. The SafePal S1 gives you that maximum security. You can lock the S1 in a home safe and protect your irreplaceable crypto assets.

Placing this hardware wallet in your safe is the most convenient form of cold storage.

Affordable Price

Throughout your investing life, sound monetary decisions are essential. The S1 Hardware Wallet saves you money. Commonly, hardware wallets are priced beyond $100. Of course, features vary, but you don't need bells and whistles with a hardware wallet. You simply need cold storage for your crypto keys.

The S1 Hardware Wallet gives you exactly that — as well as a convenient UI/UX setup. You’ll enjoy the SafePal App's user experience, and you can apply your savings toward SFP tokens, which can yield gains through SafePal Earn. Soon, you’ll be happily immersed in SafePal's superb crypto ecosystem.

Disadvantages of SafePal

When you look at any crypto item's advantages, you must also consider its disadvantages.

There's a Potential Air-Gap Trap

When you need to upgrade your SafePal S1 Hardware Wallet's firmware, your private keys become momentarily vulnerable. Firmware upgrades require connecting the S1 to a computer or smartphone by USB cable.

You’ll need to decide how important this issue is for you. In fact, any hardware wallet needs USB connectivity to periodically upgrade its firmware. While this need creates a temporary weakness when your hardware wallet is connected to another device, remember that your S1 will still be much more secure than a software wallet.

If You Pocket It, You Might Lose It and That's a Hassle

Suppose you lost your SafePal S1, which would be unfortunate. For a moment, you might think you’ve lost all of your digital assets. Fortunately, that’s not the case. If you ever lose an S1, don't worry. It's not a total loss, but it is a bit of a hassle.

Since your S1 only holds cryptographic keys, losing it isn’t the same as losing a leather wallet full of fiat currency. Losing your SafePal S1 — or any hardware wallet, actually — simply means losing your keys, not your coins.

Your crypto coins physically exist on the blockchain. To recover them, you simply need to supply your mnemonic seed phrase via the SafePal App.

Of course, you don't ever want to lose both your hardware wallet and your seed phrase. Losing both items would likely make your crypto assets extremely hard to recover. To ward against this possibility, it's a wise idea to protect your seed phrase with SafePal Cypher.

SafePal vs. Ledger

As a younger, growing player in the marketplace, SafePal creates a remarkable challenge to Ledger, makers of the popular Nano line of hardware wallets. Now, consider what’s similar and different about these brands to help you decide how much value the SafePal S1 Hardware Wallet would bring to your crypto life.

Both Brands Offer Crypto Storage Consumers Trust

In many ways, SafePal and Ledger do the same thing: both companies deliver reliable hardware wallets. Since a hardware wallet enables cold storage of cryptographic keys, this type of product has also been called a cold wallet. Ledger launched the crypto space's first cold wallet in 2014.

Still, cold wallets aren’t always air-gapped. In fact, Ledger places consumer convenience over premium security. For example, the brand's Nano hardware wallets can conduct transactions via USB. Further, the Nano X has Bluetooth connectivity for smartphone transactions. Those aren’t the features of an air-gapped hardware wallet.

Alternatively, the SafePal S1 is a truly air-gapped device. The device's USB cable only exists for charging and firmware updates. When you place transactions with the S1, you use QR codes on the SafePal App and the hardware wallet's camera.

Each Model Has a Built-In Screen

You can interface with either of these hardware wallets through a built-in screen. As you evaluate your options, keep in mind that these aren’t touchscreens; their hardware wallets offer you buttons for navigation. On the SafePal S1, four directional buttons sit beneath the screen, and they surround a selector button. These buttons give you quick navigation of the S1's graphical user interface.

Ledger wallets feature a less convenient navigation method. You’ll find two multifunction buttons on Ledger's Nano wallets, which manage the Nano line's text-based interface. Though Ledger's hardware wallets are durable and built to protect 21st-century assets, this style of interface navigation feels like visiting a bygone era. It's rather similar to playing an electronic football game from the 1980s.

Also, keep in mind that Ledger's wallets feature smaller screens than the screen found on the S1. SafePal gives the S1 Hardware Wallet a 1.3-inch color screen. By contrast, the largest Ledger Nano, the Nano X, features a 0.3-inch monochrome screen.

Very likely, you’ll engage more easily with the SafePal S1 Hardware Wallet.

SafePal's Hardware Wallet Saves You Money

Ledger offers multiple hardware wallets at different price points, but they all cost more than the excellent, trusted SafePal S1. Currently, the S1 retails for $49.99. Ledger's lowest price for a Nano hardware wallet is $10 higher than that figure, and the two products give you comparable features.

In several categories, the SafePal S1 is clearly the better hardware wallet, especially since it saves you money. Even if you pay for Ledger's premium hardware wallet — the Nano X, whose price tag is triple that of SafePal's S1 — you may end up with a diminished user experience.

After all, the S1 supports more currencies, has a bigger screen and its interface is much easier to navigate.

Due to their build quality, Ledger hardware wallets feel more substantial. But in a conceptual sense, you actually get more with the S1 because of the value it delivers.

The SafePal S1 Supports Unlimited Currencies and Tokens

On a Ledger Nano hardware wallet, you can protect the keys for more than 5,000 cryptocurrencies and tokens. Using the ERC-20 chain, Ledger wallets also store NFT keys. However, compared to the S1, Ledger's wallets support a narrow band of the crypto space's available investments.

The SafePal S1 Hardware Wallet lets you choose from a broad spectrum of currencies and tokens. In addition to storage of NFT assets on the ERC-20 chain, the S1 lets you manage unlimited tokens on 54 supported blockchains. This increasingly popular wallet also gives you unlimited currency storage.

You can see why traders from more than 200 countries and territories have chosen SafePal hardware wallets.

SFP Tokenomics

At the start of 2021, SafePal launched its own token, SFP. This is a utility token that helps fund the company. If you buy into it, you can:

• Enjoy staking rewards from SafePal Earn
• Participate in governance with a minimum of 500,000 tokens
• Receive special airdrops and NFTs in your SafePal App
• Pay fees and receive discounts via the app

SafePal’s token supply is capped at 500 million.

SafePal Road Map

As 2023 began, SafePal had 7.5 million users. Clearly, this is an established crypto-security brand. SafePal's stated plans include further hardware wallet advancements, with an eye on the eventually emerging web3 market.

Moreover, SafePal's CEO, Veronica Wong, plans to:

• Build a safer cryptocurrency wallet experience that serves a large group of users
• Support even more blockchains through the brand's products
• Lower the company's onboarding barriers

SFP Price Prediction

The current price of SFP is $0.51 (as of Feb 28, 2023). Price analysts at PricePrediction believe that SFP’s price will break the $1 mark by 2024 and hit $1.89 by 2025. SFP’s price is then predicted to reach $6 by 2028, and $12.18 by 2030. While sharing the same positive outlook, DigitalCoinPrice is slightly less bullish, forecasting that SFP will break the $1 mark in 2023 and reach $1.96 by 2025. It predicts SFP’s price will then hit $3.02 in 2028 and $5.72 in 2030.

Where to Buy SFP

Looking to trade SFP? You can purchase SFPUSDT Perpetual Contracts via Bybit. First, create a Bybit account. Bybit’s unique marketplace offers you next-level opportunities and reliability in trading crypto assets.

Is SFP a Good Investment?

The company funded by the SFP token is clearly a good business. SafePal develops stellar products, and helps their users keep their crypto extremely safe. Furthermore, they offer an exceptional value proposition, both as a brand and an investment token. Nobody knows the future, but SFP certainly seems to be a good investment from a HODL perspective. With that in mind, the future looks bright if you HODL. Naturally, practicing dollar-cost averaging as you go should help you hedge.

That said, it’s always recommended that you do your own research before choosing to invest in any cryptocurrency, including SFP.

The Bottom Line

SafePal's S1 Hardware Wallet gives you elite-level security for your crypto assets, and it has an attractive price tag. With the SafePal App and the SFP token matching the company's leadership, SafePal provides attractive opportunities. Whether you’re a beginner or a veteran trader, it's worthwhile investing in SafePal and using its products.