SafePal (SFP)
A Secure and Decentralized Crypto Hardware and Software Wallet.- SafePal is a cryptocurrency wallet that aims to provide a secure and user-friendly crypto asset management platform. SafePal provides hardware wallet and software wallet products managed by the SafePal App, where users can easily store, manage and trade their crypto assets.
- SafePal supports 20 blockchains, including Binance Chain and Binance Smart Chain (BSC), 10,000+ tokens, including Non-Fungible Tokens (NFTs). SafePal is also the first hardware wallet portfolio backed by Binance Labs.
- SFP is SafePal’s BEP-20 native utility token and will have the following use cases:
- Fees & Discounts: pay fees and get discounts on SafePal products such as the SafePal hardware wallets and SafePal Swap.
- Staking Rewards: stake SFP tokens to get rewards from the SafePal Earn program.
- Bonus & Airdrops: SFP token holders have the privilege to receive special coupons, join exclusive campaigns and claim special collectibles from SafePal and its ecosystem partners.
- Community Governance: SFP token holders can initiate proposals and vote on how treasury funds will be deployed and on new features such as adding new blockchains on the SafePal products.
Key metrics (as at February 7th 2021)
| Ticker | SFP |
|---|---|
| Token Type | BEP-20 |
| Initial Circ. Supply | 108,166,667 SFP (21.63%) |
| Total Token Supply | 500,000,000 SFP |
| Binance Launchpad Sale Price | 0.10 USD / SFP |
1. What is "SafePal" (SFP)
SafePal is a cryptocurrency wallet that aims to provide a secure and user-friendly crypto asset management platform. SafePal provides one-stop non-custodian wallet solutions to enable users to easily store, manage and trade their crypto assets.
SafePal helps users to secure and manage crypto assets through the combination of a decentralized and secure wallet solution and a crypto wealth management platform that bridges DeFi and CeFi.
- Key metrics (as at February 7th 2021):
- App downloads: 406,900+.
- Total wallet accounts: 537,100+.
- Supported assets: 20 blockchains, 10,000+ tokens.
- Supported dApps: All dApps issued on Ethereum, Binance Smart Chain and Tron network.
Recent news
- January 2021: Introduced the utility token SFP to the SafePal ecosystem.
- December 2020: Supported Tron dApps in dApp store and BTC Direct.
- November 2020: Supported ERC-721, ERC-1155 and BSC NFT standards.
- October 2020: Supported Binance Smart Chain (BSC), BEP-20 tokens and all BSC-based dApps.
2. Existing products
2.1 SafePal S1 Hardware Wallet
SafePal S1 Hardware Wallet is a 100% offline cold-storage wallet for users to secure their private keys. It adopts advanced security features including but not limited to EAL5+ secure element, air-gapped signing mechanism, and self-destruct mechanism to protect keys from malicious attacks.
Source: SafePal.
2.2 SafePal Cypher
SafePal Cypher is a 304-grade stainless steel board to protect mnemonic phrases from water, fire, salt and corrosion.
Source: SafePal.
2.3 SafePal Leather Case
SafePal Leather Case is made with fine quality and can protect your S1 hardware wallet from scratches.
Source: SafePal.
2.4 SafePal App
The SafePal App is a one-stop portal for users to manage, buy, and trade their crypto assets.
Source: SafePal.
3. Technical infrastructure
- SafePal S1 hardware wallet is the flagship product built by SafePal. It is built with advanced security features including but not limit to:
- EAL5+ secure element: SafePal S1 adopts dual-chip architecture, separating sensitive security logic from general business logic inside the product. An independent security element is implemented in SafePal S1 to protect private keys from malicious attacks.
- Device authentication mechanism: A security mechanism aimed to authenticate SafePal devices when a user receives a new SafePal hardware wallet.
- Air-gapped signing mechanism: Instead of radio-frequencies (Bluetooth, NFC, etc), antenna or USB, SafePal S1 Hardware Wallet adopts air-gapped signing mechanism to keep the device 100% offline.
- Self-destruct mechanism: SafePal S1 is embedded with multiple sensors. Once a malicious attack is detected, the security chip will execute a self-destroy mechanism, erasing all wallet data and leaving no trace for the hackers.
4. Token sales and economics
4.1 Token sales data
| Token Name | SFP |
|---|---|
| Seed Sale Allocation | 10,000,000 SFP |
| Seed Sale Token Price | 0.01646 USD / SFP |
| Seed Sale Amount Raised | 164,600 USD |
| Strategic Sale Allocation | 45,000,000 SFP |
| Strategic Sale Token Price | 0.01111 USD / SFP |
| Strategic Sale Amount Raised | 500,000 USD |
| Private Sale Allocation | 20,000,000 SFP |
| Private Sale Token Price | 0.08 USD / SFP |
| Private Sale Amount Raised | 1,600,000 USD |
| Binance Launchpad Sale Allocation | 50,000,000 SFP |
| Binance Launchpad Sale Token Price | 0.10 USD / SFP |
| Binance Launchpad Amount to be Raised | 5,000,000 USD |
4.2 Token allocation
| Token Name | SFP |
|---|---|
| Binance Launchpad Sale | 10.00% of the total token supply |
| Seed Sale | 2.00% of the total token supply |
| Strategic Sale | 9.00% of the total token supply |
| Private Sale | 4.00% of the total token supply |
| Team | 20.00% of the total token supply |
| Community | 10.00% of the total token supply |
| Airdrop | 5.00% of the total token supply |
| Partnership & Ecosystem | 5.00% of the total token supply |
| Product & Marketing | 15.00% of the total token supply |
| Foundation Reserve | 20.00% of the total token supply |
SFP token allocation
SFP token release schedule
5. Roadmap, updates, and business development
5.1 Original roadmap and achievements
| Planned Date | Milestone | Actual Date | Timing | Comments |
|---|---|---|---|---|
| 2020: Q2 | SafePal software wallet went live | 2020: Q2 | On Time | Blog |
| 2020: Q2 | Cross-chain swap feature launched | 2020: Q2 | On Time | Blog |
| 2020: Q3 | Binance Smart Chain BEP20 token supported | 2020: Q3 | On Time | Blog |
| 2020: Q4 | ERC721, ERC1155, and BSC NFT standards supported | 2020: Q4 | On Time | Blog |
5.2 Updated roadmap
2021 Q1
- Implement SafePal Earn feature.
- Launch the S2 Hardware Wallet.
- Support Turkish and Russian languages in the hardware wallet and the app.
2021 Q2
- Support VeChain, Cardano and THETA networks.
- Add credit card payment for the hardware wallet.
5.3 Commercial partnerships and business development progress
- PancakeSwap: PancakeSwap is a leading DeFi protocol built on the Binance Smart Chain. SafePal partnered with PancakeSwap to launch the Swap & Hold $CAKE To Get SFP campaign.
- Rarible: Rarible is a leading NFT marketplace in the crypto space. SafePal and Rarible launched an NFT Design Contest to bring awareness in both SafePal and Rarible communities.
- Travala: Travala is a travel booking platform accepting crypto payments. SafePal and Travala jointly launched a SafePal wallet giveaway campaign.
6. SafePal's activity and community overview
Current community growth strategies of SafePal include:
- Building up partnerships with blockchains, DeFi projects, and exchanges to increase awareness of the SafePal brand across the communities.
- Connecting with KOLs to create exposure and engagement with the target audience.
- Maintaining brand image and engaging with the community on social media to create awareness and brand loyalty.
Future community growth strategies of SafePal include:
- Acquiring more users through SFP token utility such as staking, rewards, discounts, etc.
- Engaging users via a referral program that boosts user acquisition through growth hacking.
- Launching unique and innovative products and services to capture high-quality users.
Community and social channels (data as of February 7th 2021)
Telegram Official | 49.4K Members
Telegram Discussion | 9.7K Members
Twitter | 88.0K Followers
Blog