Breaking through Bear Markets with the X1: CEO’s letter on the Expansion of the SafePal Wallet Suite & Transition to Open Source

Dear SafePal community,

2023 has been challenging for the entire industry, with market conditions proving to be difficult for the growth of many projects. Despite this, the team at SafePal have continued to build products, develop features, and improve our offerings to better meet the needs of our users.

We are humbled to have grown from 6 to over 10 million users this year, and are thrilled to announce the launch of the X1 (our first bluetooth wallet) together with the transition of the wallet suite to open source. Users can pre-order their copy of the X1 here, and refer to the guides for the X1 here.

There have been numerous concerns and unfortunate exploits for other wallet providers in this year alone, and we have taken all of them very seriously. Our continued efforts to give crypto users accessible and secure cold-storage over the past five years have culminated in this — the SafePal team is pleased to be able to provide users with further transparency from the transition to open source and enhanced usability from the launch of the X1.

Introducing the X1: Our first open-source Bluetooth wallet

Priced at US$69.99, the X1 builds on notable features of the flagship S1 line:

1. Unwavering commitment to security: 

Security has always been the top priority for SafePal and this is no different for the X1. Retaining the anti-tampering self-erasing mechanism and CC EAL5+ secure element chip, audits for the X1 were completed by Keylabs and all significant findings were carefully assessed and addressed before confirming release.

Relevant parts of the major code for the X1 have already been made open-source in stages, and are on github here for maximum trust and transparency — This includes code used for the bluetooth interaction with the SafePal mobile software wallet, and for essential functions such as the signatures and approval of smart contracts, private key generation and storage for the X1. 

2. Ultra-smooth UX and convenience: 

With high-speed bluetooth connectivity, an intuitive 12-button D-Pad coupled with a larger 1.8” screen — X1 users will enjoy greater ease of viewing together with enhanced comfort and convenience seamlessly with the Safepal mobile wallet app.

3. Sleek and Minimalistic Design

Users familiar with the flagship S1 will be aware of the credit card-esque look and feel of the device. The X1 pays homage to this design, with a slightly more industrial inspiration while maintaining a minimalistic style.

Despite its larger screen, the X1 will be even more compact, lightweight, and portable than the S1 — ensuring users will be able to handle the device on the go and store it in their pockets for a hassle-free experience.

The SafePal X1 is also the first bluetooth addition to its air-gapped counterparts the S1 and S1 Pro), expanding the hardware wallet line from 1 to 3 models in this year alone

Transitioning the wallet suite to open-source : Steady steps to elevating transparency

Despite our unblemished track record for the past 5 years, SafePal values the concerns of its users and community. To maximize transparency and security, the following has also been made open-source:

  1. Code for the SafePal mobile software wallet used in conjunction with the entire SafePal hardware line (X1, S1 and S1 Pro) for signatures and approval of smart contracts, private key generation and storage. Users will now be able to check and verify that there are no vulnerabilities or potential for backdoors and other malicious attacks for these critical functions.
  2. Code for the SafePal mobile software wallet used in QR scanning mechanisms by the S1 and S1 Pro. Users can now check and verify that no information about the private key will be leaked  when using the QR scanning function to sign and execute transactions with the SafePal app and S1 line, reaffirming the clean track record since the launch of the S1 in 2019.

Making other aspects open source — such as firmware for the S1 line, and the SafePal browser extension will continue and be a key focus for Q4 this year.

The SafePal team will continue working hard to build the best products and services, as a decentralized crypto wallet suite empowering users to own their crypto adventure. Much love and appreciation to our community, backers, and partners for their continued support!

Thank you for reading this letter, and we look forward to celebrating the launch of the X1 with a celebratory campaign at TOKEN2049 in Singapore, followed by other campaigns with our partners.

CEO and Co-Founder, SafePal
Veronica Wong

About SafePal:

Founded in 2018, SafePal is a comprehensive crypto wallet suite providing hardware wallet, mobile app, and browser extension wallet solutions. As a non-custodial wallet suite, SafePal aims to allow users to own their crypto adventure, by empowering them to access opportunities securely in the decentralized world. 

The SafePal platform is backed by industry leaders Binance Labs, Animoca Brands, and SuperScrypt; serving over 10 million users globally and supporting 15 languages, 100+ blockchains with their fungible and non-fungible tokens. It also encompasses crypto asset management solutions like cross-chain swapping, trading and yielding tools for users.

SFP is a decentralized BEP-20 and ERC-20 utility token serving as the growth engine of the SafePal ecosystem, and can be used to purchase SafePal products at a discount, converted seamlessly to gas across chains in the app, in addition to rewarding token holders and education programs. Stay informed about SafePal here

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