### What is SafePal?

SafePal is a comprehensive cryptocurrency wallet that enables users to securely manage their digital assets. It offers both hardware and software wallet solutions that can be managed through the SafePal App. SafePal was notable for being the first hardware wallet invested in and backed by Binance. The SafePal Token (SFP) is the utility token that fuels their entire ecosystem and is issued on the Binance Smart Chain.

### How does SafePal work?

SafePal integrates hardware and software solutions to offer secure cryptocurrency management. The hardware wallets, such as SafePal S1 and X1, use advanced security features like the EAL5+ secure element and an air-gapped signing mechanism to ensure the protection of private keys. SafePal supports over 30,000 tokens across 33 blockchains and provides functionalities like token swapping, fiat on-ramp, and support for smart contracts and decentralised applications (dApps) through integrations with services like Binance and WalletConnect.

### What are the potential use cases for SafePal?

SafePal's potential use cases include secure asset management, facilitating trading, and token swaps using Binance Dex and Binance Spot Trading. It also provides a fiat on-ramp for purchasing cryptocurrencies with traditional currencies. The SFP token can be leveraged for community governance, participating in decision-making processes, and enjoying incentives such as airdrops, staking rewards, and more. SafePal's support for NFTs also enables users to manage and store NFTs within their wallet environment.

### What is the history of SafePal?

SafePal was founded in 2018 by Veronica Wong and her co-founders, with the goal of providing affordable and secure cryptocurrency management solutions. SafePal was incubated by Binance in December 2018, which marked a significant milestone in its development. The first hardware wallet, SafePal S1, was launched in May 2019. Since then, SafePal has expanded globally, amassing over 7.5 million users across 87 countries by 2023. The evolution from a simple hardware wallet to a comprehensive suite reflects SafePal’s mission to provide secure and accessible crypto management solutions.

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