Crypto exchange FTX filed for bankruptcy on November 11, and its collapse is driving more cryptocurrency investors toward self-custody.
SafePal, the Binance-backed decentralized wallet brand including software/hardware/extension wallet offerings, revealed on Wednesday that it is sessing numbers of new users on its platform.
In a press release shared with Coinjournal, SafePal said the surge in sign-ups comes following FTX’s recent insolvency.
On November 11, FTX, one of the leading crypto exchanges in the world, filed for bankruptcy. With millions of people losing their funds on the platform, it is understandable that more crypto investors are moving toward self-custody of their assets.
SafePal said traffic to its platform has increased by 10x since November 11, while sales of SafePal’s web3 hardware wallet have reached record highs during the same period.
The company revealed that it’s last funding round was in 2018 and was led by Binance, the world’s leading cryptocurrency exchange. While commenting on this latest development, SafePal CEO Veronica Wong said:
“The recent FTX situation has taught the industry an important lesson about decentralisation and transparency. As more people realize the importance of taking full control of their assets, SafePal will become one of the major web3 gateways for the crypto masses.”
SafePal added that crypto users have flocked to non-custodial solutions for storing their coins in recent weeks. The events of the last two weeks highlight the importance of self-custody.
SafePal is one such solution: a decentralized wallet brand built around security and user experience since 2018, the team added.
The company added that the influx of new users reflects a broader trend for cryptocurrency holders to favour non-custodial solutions that helps minimise counterparty risk.
In the last six months, SafePal’s total users have surpassed seven million. The company has users in 196 countries globally.
SafePal is a comprehensive crypto management platform that allows users to store, manage, swap, and trade their crypto assets. At the moment, SafePal supports 15 languages and 54 blockchains. SafePal is also the first and only hardware wallet team invested by Binance Labs, the venture arm of Binance, the company concluded.