The biggest collapse in crypto (FTX insolvency) this year sees the demand for non-custodial wallets spike to record highs.
SafePal, a self-custodial wallet crypto management platform, sees record sign-ups to its platform this week following the recent insolvency crisis on FTX. Announced Wednesday, the crypto wallet provider reported user traffic to the site has increased over 10x since November 11, as users fondle over new solutions to crypto custodial firms.
The ‘unexpected’ bankruptcy of FTX came as a shock to many crypto users with over $8 billion in users’ funds lost by the once third-largest crypto exchange. Over the past fortnight, cryptocurrency users have removed their crypto assets into non-custodial solutions for safer storage of their coins. As users learn the importance of self-custody, SafePal has become a popular choice for many crypto holders as the platform offers a decentralized wallet brand built around security and user experience.
“The recent FTX situation has taught the industry an important lesson about decentralization and transparency,” Veronica Wong, SafePal CEO stated.
Additionally, SafePal also reported record highs in the number of sales for its web3 hardware wallet during the month of November. The flocking of users on SafePal shows the increasing approval by crypto users to favour non-custodial wallets over centralized exchanges, a trend Wong expects to continue in future.
“As more people realize the importance of taking full control of their assets, SafePal will become one of the major web3 gateways for the crypto masses,” Wong added.
Launched in 2018, with backing from Binance Labs, the venture arm of Binance, SafePal has grown into a comprehensive crypto management platform allowing users to store, manage, swap, and trade their crypto assets. These non-custodial solutions minimize the third-party risk, allowing users to be fully in control and own their own assets.
The numbers by SafePal are nothing short of outstanding given the recent recession in the crypto market. Over the past six months, the number of users on the platform exceeded 7 million, covering users from more than 196 countries across the globe using its hardware wallets, software wallets, and browser extension wallet products.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice