SafePal

SFP is the native token of SafePal, a Binance-backed mobile and hardware crypto wallet company founded in 2018. SFP is issued on the Binance (BNB) Smart Chain as a BEP-20 token, and serves as SafePal’s governance token.

SafePal launched SFP on Feb. 8, 2021. The token started trading at $1.34 and hit its all-time high of $4.149 a day later. After a short dip to $1.46 at the end of the month, SFP rose to $3.60 in March. It has not hit such highs since then. By June of that year, it had sunk to 68 cents and, aside from a brief stop at $2.25 in October, continued to fall throughout the year and into 2022. By June 2022, SFP had fallen to 38 cents.

SafePal has a total supply of 500 million SFP. Of this, 20% was reserved for the SafePal Foundation, the non-profit that governs the network. The founding team kept 20% and reserved another 15% to build and market the company’s product. A further 10% was sold in a public sale and 15% in private funding rounds. The team reserved 15% for airdrops and community projects and allocated 5% to grow SafePal’s ecosystem.

Each quarter, SafePal uses some of its profits to buy SFP tokens from the open market and gives them to the community treasury.

SFP holders will decide how to allocate funds donated to the community treasury. Only those that hold more than 500,000 SFP tokens are eligible to submit a proposal.

SFP token holders can create proposals and vote for the Treasury fund usage and new features such as adding new blockchains on SafePal products.

SafePal sells a hardware wallet and maintains a mobile crypto wallet. SafePal’s hardware wallet, the SafePal S1, costs $49.99 as of June 2022. This wallet can be controlled by the mobile app, which also functions as a software wallet.

The SafePal S1 is cheaper than many others on the market: Ledger, the market leader for hardware wallets, sells its cheapest wallet, the Nano S Plus, for $79. SafePal also sells a metal card, the SafePal Cypher Seed Board, for $44.99. This holds seed phrases with metal keys, making them difficult to destroy.

The SFP token entitles holders to fees and discounts on SafePal products and services. According to SafePal’s white paper, this includes discounts on SafePal’s hardware wallet, discounts on trades in its app, and rewards for ranking decentralized applications in the SafePal app store. As of June 2022, none of these discounts are live. Companies that pay in SFP to buy advertisement space on the SafePal app will also receive discounts, according to the white paper.

Holders can stake their SFP tokens to earn extra tokens from SafePal’s interest-bearing Earn program. The token also functions as a governance token, allowing holders to vote on the parameters that define the SafePal network. Holders must stake at least 500,000 SFP tokens to submit a proposal.

SafePal was founded in January 2018. Singapore-based CEO Veronica Huang has run the company since its inception.

In October 2018, Binance invested in SafePal through the Binance Labs Incubation Program. A Binance representative did not disclose the amount of the investment when asked by CoinDesk.

SafePal integrated further with Binance in 2019, adding support for Binance DEX and the Binance Chain mainnet. SafePal released its software wallet in May 2020.

In September 2020, it integrated with Binance Smart Chain and added support for BEP-20 tokens, and a month later added support for Binance’s exchange. In 2020 and 2021, it added support for over 20 more blockchains, including Polygon, Solana and Cardano.

SafePal launched SFP in February 2021. In October of that year, SafePal launched SafePal Earn, an interest-bearing crypto account.