Crypto exchange FTX filed for bankruptcy on November 11, and its collapse is driving more cryptocurrency investors into self-preservation.
SafePal, the Binance-backed decentralized wallet brand including software/hardware/extension wallet offerings, revealed on Wednesday that it is registering number of new users on its platform.
In a press release shared with TBEN, SafePal said the wave of signups is on the way FTX’s recent insolvency.
On November 11, FTX, one of the largest crypto exchanges in the world, filed for bankruptcy. With millions of people losing their money on the platform, it is understandable that more crypto investors are moving towards self-custody of their assets.
SafePal said traffic to its platform has increased 10-fold since Nov. 11, while sales of SafePal’s web3 hardware wallet hit record highs over the same period.
The company revealed that its last funding round was in 2018 and led by Binance, the world’s leading cryptocurrency exchange. Commenting on this latest development, Veronica Wong, CEO of SafePal said:
“The recent FTX situation has taught the industry an important lesson about decentralization and transparency. As more people realize the importance of taking full control of their assets, SafePal is becoming one of the premier web3 gateways for the crypto masses.
SafePal added that in recent weeks, crypto users have been massively switching to non-custodial solutions to store their coins. The events of the past two weeks emphasize the importance of self-preservation.
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 favor non-custodial solutions that help minimize counterparty risk.
In the past six months, SafePal’s total users have passed seven million. The company has users in 196 countries worldwide.
SafePal is a comprehensive crypto management platform that allows users to store, manage, exchange and trade their crypto assets. Currently, SafePal supports 15 languages and 54 blockchains. SafePal is also the first and only hardware wallet team invested by Binance Labs, Binance’s venture arm, the company concluded.