Binance-backed tokenized hardware wallet offers DeFi and NFT features

A tokenized hardware wallet has been backed by Binance for the first time — and the company behind the product says it offers a number of advantages over competitors.

SafePal offers secure storage for major cryptocurrencies such as Bitcoin and Ethereum, is ideal for DeFi enthusiasts, and also supports tokens issued on the Binance Smart Chain.

And with nonfungible tokens becoming increasingly popular in recent months, SafePal’s S1 wallet also enables ERC-1155 and ERC-721 assets to be kept safe.

Hardware has become a more attractive proposition for cryptocurrency owners after a series of high-profile incidents on exchanges in recent months. Withdrawals on OKEx were suspended for six weeks as one of the platform’s private key holders participated in an investigation, while the likes of KuCoin and EXMO have been hacked.

The Safepal S1 is described as a product that’s perfect for crypto beginners who want to keep their digital assets safe, and is sold at an affordable price point that makes it accessible to the masses.

According to the company’s website, more than 240 customers have left reviews of the product, resulting in an average rating of 4.85 stars.

Delving into the wallet’s features

The SafePal S1 is equipped with a true random number generator as well as a self-destruct mechanism — and delivers “truly cold storage” thanks to how it doesn’t rely on Bluetooth and WiFi connectivity. The wallet is fitted with a camera so it can communicate via a dedicated app through the use of encrypted QR codes, keeping private keys offline. All of this eliminates the need for a PC.

At present, 20 blockchains are supported by the wallet as well as 10,000 tokens — and its storage capacity means an unlimited amount of crypto can be stored. New cryptocurrencies can be onboarded through firmware upgrades.

Portability is described as one of the S1’s key selling points. It’s the size of a credit card and has a lightweight design, meaning that it’s perfect for taking on the go. The wallet’s battery can last for up to 20 days, assuming that it’s used for 10 minutes on a daily basis. A small 1.3” screen is also provided for ease of use.

Inside the box, mnemonic phrase cards are provided alongside a user manual and a cleaning cloth to keep the wallet free of dust and dirt. A USB cable is also provided so the wallet can easily be charged.

The wallet can be purchased using major cryptocurrencies including Bitcoin, Ethereum and Binance Coin. For those who want to hold their digital assets rather than spend them, PayPal is also supported, meaning that an order can be made using major debit and credit cards from the likes of Visa and Mastercard.

A better user experience

Binance Labs announced that SafePal was taking part in its first incubator program in 2018. The brand’s three founders said they were inspired to use their extensive experience to produce a resilient hardware wallet that is both affordable and easy to use. SafePal’s team members previously worked for major brands including Tencent, Huawei and Samsung.

SafePal’s wallet is compatible with Android and iOS devices, covering the vast majority of the smartphone market.

In a recent review, Binance said “many attack vectors are eliminated” thanks to the wallet’s design, adding: “This is a great product for users taking the first steps in transitioning from a hot or custodial wallet. For those that don’t plan on frequently transacting, it’s a good portable solution that involves no cables.”