Dear SafePal Community,
2024 has been an unprecedented year for the entire industry, with the approval of the Bitcoin and Ethereum ETFs, US election results and other events fueling the bull market and new all-time-high record prices for many cryptocurrencies.
The SafePal team has continued to focus on user needs and improving our products and offerings, and it is humbling to see the consistent growth of the SafePal user base to 20M+ users till date.
The following are the key takeaways and milestones achieved by SafePal the past year (Interested readers can download and refer to the full report here).
Main Takeaways:
- In 2024, SafePal’s user base grew from 10M+ to 20M+ users together with increased service coverage to 127 countries and 200+ regions
- Improved localization efforts with 16 supported languages for products and support, coupled with offline conferences and events in Singapore, South Korea, Japan, Thailand, Vietnam, Dubai, Hong Kong, Taiwan
- Maintaining a strong commitment to security and consumer protection by blacklisting over 2400 scam Dapps and enhancing security features to achieve a clean 7-year track record without any major security incidents
- SafePal expanded its CeFi and DeFi offerings to include a CeDeFi Banking gateway with Digital Visa and Mastercard, comprehensive CEX mini programs, and more
- SafePal is adding a Telegram Mini-app wallet with the banking gateway function to improve user adoption while leveraging mainstream social networks
- Tokenomics for the decentralized $SFP utility token were also strengthened with the launch of the $SFP staking hub along with more utilities and partnerships
Expansion into a CeFi and DeFi Hub: Embracing the new generation of users
Despite the growing credibility and interest in the Web3 industry, crypto accessibility and cross-chain interoperability remain issues that need to be resolved to strengthen user adoption and retention.
With the influx of new and more mainstream users, the need for better UI,UX and accessibility has been increasingly important over decentralization and self-custody as that comes with its own complexities and risks.
In the past year, SafePal has introduced and expanded the following offerings to strengthen user adoption and retention – growing from a non-custodial wallet suite empowering access to both centralized and decentralized services. This transition from a wallet suite into a CeFi (Centralized Finance) and DeFi (Decentralized Finance) hub marks an important pivoting point and focus for the brand and also a new direction for the upcoming year of 2025.
In the past year, SafePal has expanding its offerings in a few unique ways.
1. Launching the CeDeFi Banking Gateway with Visa and Mastercard (The First and Only Fully Compliant Crypto Banking Experience)
While the ETFs have bolstered credibility and legitimacy for the industry, accessibility remains a pain point for the crypto industry – with users being plagued by lack of affordable on and off-ramps, compliant crypto friendly banking and seamless application on real life use cases.
In response to this, SafePal launched the first crypto-friendly CeDeFi Banking Gateway with digital Visa with Swiss Blockchain bank Fiat24. This enables users to create individually owned Swiss bank accounts licensed by the Swiss Financial Market Supervisory Authority (FINMA) with a digital Visa card (with Mastercard to follow), and send, receive, on and off-ramp crypto and fiat seamlessly, with the SafePal swap aggregator further improving interoperability across 100+ blockchains.
The support for established payment providers like PayPal, Apple and Google Pay, WeChat and AliPay enables seamless usage and expenditure, providing much needed convenience for users. To further reward users, SafePal also launched a campaign allowing users to enjoy zero deposit and on-ramp fees, which has been upgraded to a long-term waiver program. Any user who successfully opens a bank account in the SafePal app will enjoy zero on-ramp and deposit fees indefinitely while the waiver program is valid.
2. Building The Best In Class Trading Aggregator
As more liquidity and trading demand flows into the industry – the demand for deeper liquidity, better slippage and competitive rates continues to grow. While decentralized exchanges (DEX) and on-chain liquidity has grown together with the maturity of the industry – established centralized exchanges still provide better rates, deeper liquidity and more trading pairs than most DEXes.
While SafePal maintains its DNA as a non-custodial wallet suite, addressing user needs are equally important, which is why the team has continued to expand access to established centralized exchanges like Binance, Bitget, BingX in the form of mini-programs and more importantly in the SafePal swap aggregator — allowing users to maintain self custody while managing their assets in the SafePal wallet, while enjoying seamless access to CEXes if they choose to do so.
This enables users to enjoy a fast, seamless and smooth cross-chain swapping and trading experience with the tightest slippage, lowest price impact, most competitive fees while accessing the most comprehensive trading pairs.
SafePal has also continued to stay aligned with industry trends and user needs by ensuring trending memecoins and tokens are available in the SafePal Swap aggregator, along with new and innovative asset classes such as SoSoValue index (SSI) tokens which are carefully curated basket of spot crypto assets tracking major crypto sectors. This empowers both aggressive crypto native and more conservative mainstream users to explore tokens in the Web3 ecosystem in a secure, transparent and seamless manner.
3. SafePal Telegram Mini Wallet App:
Social platforms like Telegram has proven to be a powerful tool for connecting users with Web3 and crypto, with its 950 million user base serving as a strong foundation for introducing various verticals ranging from DeFi to Web3 gaming.
To strategically leverage the full potential of such networks, SafePal also announced the launch of its Telegram Mini Wallet (expected to be fully live in Q1 2025), with the unique banking gateway function mentioned in the previous section with additional Mastercard functionality.
As part of deeper collaboration efforts, SafePal also partnered with TON (The Open Network) on various initiatives such as TON Connect, Soul Bound Token and TON Fest campaigns, and even limited edition co-branded wallets.
4. SFPlus Staking Hub and strengthening of SFP Tokenomics:
SFP has been acting as the growth engine for SafePal since the decentralized utility token was launched in 2021. Tokens are an essential and unique aspect of the Web3 and crypto industry, binding project builders and communities/users closer and tighter than any other traditional product-consumer relationships.
The growth of the industry has also introduced new tokens with its own set of problems, with some being predatory high FDV (Fully diluted Valuation) low float tokenomics, lack of alignment between token holders, builders, seed investors and more.
Despite the fascination with new tokens and projects, there remains untapped potential with mature tokens with projects to grow mutual benefits with token holders establishing proper tokenomic standards along with a solidified user base and product line.
The exposure to new projects and tokens that are yet to be battle tested can be increasingly complex and unsafe for retail users as they are potentially exposed to malicious actors and security risks from smart contract exploits, and being enticed into using platforms they would otherwise avoid due to the promise of potential airdrop rewards.
Being aware of all these trends, the SafePal team built SFPlus — a staking hub designed to utilise tokens and staking in a sustainable, practical manner to build genuine and loyal stakeholders, while enhancing tokenomics and value for both builders and users in the following way.
By staking SFP, users are able to be verified as genuine token holders and be rewarded for their loyalty by enjoying airdrop rewards for participating partners and relevant campaigns, upgrading account tiers and benefits for the banking gateway in addition to existing SFP utilities.
This strengthens the utility and highlights the maturity of $SFP as the first IEO project on Binance launchpad in 2021, while providing a means for Web3 users to interact with new promising projects in a safer, reliable and less risky manner.
5. Strong Commitment to Consumer Protection and Security
Aside from introducing new features for users, security and safety remains an important foundation for SafePal as a non-custodial wallet suite.
Through continued efforts in blacklisting malicious scam Dapps (with over 2400 blacklisted till date), producing educational content and integrating it into the product user interface(UI) to constantly upgrade the knowledge of users, and enhancing security features (i.e. QR code verification mechanism, open-sourcing essential aspects of the wallet suite, wallet health examination) — SafePal has maintained a clean 7 year track record without any major security incidents.
Regardless of any new developments or focuses, SafePal will continue to prioritize security for users without any compromises. Safety and transparency remains at the forefront while SafePal grows and evolves as a non-custodial wallet suite into a CeFi and DeFi super hub.
Looking Ahead To 2025: Establishing SafePal as a CeFi and DeFi Super Hub and Strengthening SFP tokenomics
Moving forward into 2025, SafePal will continue to value the needs and safety of its users as a decentralized wallet suite — but also continue to expand its unique DNA with the hybrid access to both custodial and non-custodial services.
The SafePal team will continue to build and develop the banking gateway by expanding service coverage to more regions, adding support for more payment providers to further strengthen crypto accessibility for users.
SafePal will also continue to provide users with the deepest liquidity, comprehensive interoperability for innumerable blockchains, the most competitive rates and tightest slippage, support for the most token pairs and other essential aspects – by integrating the best CeFi and DeFi platforms.
Passive yield is an essential foundation for both CeFi and DeFi, and this has grown together with the entry of newer users — The team will also be looking to expand the SafePal Earn (Yield aggregator) feature to empower users to get more rewards on their assets, especially native gas tokens and stablecoins.
Another important focus will be the strengthening of $SFP tokenomics to better align the value accrual and interests of token holders with the SafePal wallet suite and brand. This will be done with the further development of SFPlus, and the introduction of stronger utilities and partnerships for $SFP. (i.e. for project listings, in-game currency for partner ecosystems, bonus rewards).
2024 Celebratory Campaign: Hardware Wallet Giveaway
To thank our community for the continuous support that you have given us in 2024, we want to hear back from you.
Follow the rules below to enter in a SafePal S1 Pro Hardware Wallet Giveaway
Tell us what you love about the SafePal Hardware Wallet or SafePal Wallet App, Retweet this tweet and leave a comment sharing your SafePal Wallet experience. We will pick 3 lucky winners on January 31st, 2025.
– Like the Tweet
– Follow https://x.com/iSafePal
– Retweet
– Comment on the tweet : Tell us what you love about the SafePal Hardware Wallet or SafePal Wallet App
Prize
3 Winners will be picked to win one of each of the following prizes.
- 1 SafePal S1 Pro Hardware Wallet
- 1 Cypher
- 1 Leather Case
Thank you for being a valued member and stakeholder of the SafePal community, and we look forward to continued growth and success together with the entire industry.
About SafePal:
Founded in 2018, SafePal is a next generation non-custodial crypto wallet suite backed by Animoca Brands, Binance and Superscrypt. The suite empowers access to decentralized and centralized finance on 100+ blockchains across its hardware, software, and browser extension wallet solutions.
Encompassing a diverse mix of crypto asset management solutions like cross-chain swapping, trading and yielding tools, centralized exchange (CEX) mini programs, a banking gateway and Visa card for users — SafePal serves over 20 million users globally across 200+ regions and countries in 16 languages.SFP is a decentralized BEP-20 and ERC-20 token fuelling the SafePal ecosystem with various utilities such as discounts on SafePal products, staking boost and airdrop rewards, seamless conversion to gas tokens, and more.
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