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After FTX Blueup, Crypto Wallet SafePal Achieves Record Signups

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The collapse of crypto exchange FTX has led to a surge in sales of self-custodial crypto wallets, which give users instant ownership of their coins.

SafePal, a Binance-backed crypto wallet brand, has experienced a 10x increase in traffic to its platform since November 11, and its hardware wallet has generated record revenue in that time.

  • SafePal passed over 7 million users in the last 6 months with a clear gain in November.
  • In a statement shared with CryptoPotato, SafePal CEO Veronica linked their increased traffic to the FTX bankruptcy.
  • “The recent FTX situation has taught the industry an important lesson about decentralization and transparency,” she said. “As more people understand the importance of having complete control over their assets, Safepal will become one of the leading Web3 gateways for the crypto masses.”
  • FTX is suspected of improperly lending customer assets without user consent instead of supporting 1:1 deposit amounts at all times.
  • This eventually led to bankruptcy, when a “bank run” left it unable to meet the huge customer demand for withdrawals.
  • At the time, Binance was experiencing almost equal net inflows to FTX, possibly because it was seen as a more trustworthy company to previous FTX users. Changpeng Zhao, CEO of the major exchange, likely kicked off FTX’s demise earlier this month with tweets casting doubt on the company.
  • Binance has since pledged to implement proof of store on its exchange to ensure users are always safe.
  • Nevertheless, Crypto Twitter has spoken out this month in encouraging traders and investors to use self-custody, to be safe from future loss of funds to central counterparties.
  • Trezor, a popular digital asset hardware wallet provider, also reported a 300% increase in revenue in the days following the confirmation of FTX’s bankruptcy.
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source: cryptopotato.com

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