What is SafePal (SFP) | What is SafePal token | What is SFP token
What Is SafePal?
Founded in 2018, SafePal is a secure and powerful cryptocurrency wallet that helps users to protect and grow their decentralized assets. It is also the first hardware wallet invested and backed by Binance. SafePal provides hardware wallet and software wallet product lines, all paired and managed through the SafePal App, where users can easily store, manage, swap, trade, and grow their crypto wealth without compromising asset security. SafePal is now serving more than 55,000 users in 87 countries globally. More information can be found in the SafePal Media Kit: https://www.safepal.io/pub/Safepal_Media_Kit.pdf
What Is the SFP token?
SFP is the native utility token that is used for:
- Fees & Discounts Users may use SFP for discounts on the SafePal products and services such as the SafePal Hardware Wallet and SafePal Swap.
- Bonus Program SafePal users can utilize SFP to claim special coupons and enjoy extra yields on the SafePal Earn and Lending programs.
- Rewards & Incentives SFP token holders have the privilege to enjoy incentives such as token airdrops from ecological partners, staking rewards, or limited SafePal NFTs.
- Community Governance SFP token holders have the ability to create proposals and vote for new features such as adding new blockchains on the SafePal products.
SafePal Products And Services Include:
- SafePal S1 Hardware Wallet: SafePal S1 Hardware Wallet is a 100% offline and decentralized hardware wallet that has supported 20 blockchains and 10,000+ cryptocurrencies. SafePal S1 is embedded with advanced security technology including EAL5+ secure element, self-destruct mechanism, device authentication mechanism, etc.
- SafePal Cypher: SafePal Cypher is a metallic seed phrase board that protects your mnemonic phrase against water, fire, salt, and corrosion.
- SafePal Leather Cover: SafePal Leather Cover is a SafePal wallet accessory to protect SafePal S1 Hardware Wallet from scratches and bumps and act as a multi-functional cardholder to keep cards in place.
- SafePal Software Wallet: SafePal Software Wallet is a secure decentralized wallet that enables users to easy import, recover and manage wallets and crypto assets on mobile devices.
- SafePal App: SafePal App is a user-friendly application for users to manage SafePal Hardware Wallet and SafePal Software Wallet at the fingertips. The SafePal App is built with power features including Buy, Swap, Trade and Dapps. It is available on the SafePal website, App Store and Google Play.
The Story Behind SafePal
SafePal was founded in Jan 2018. The SafePal Team comes from a diverse industrial background, overlapping more than a decades worth of experience in hardware, software, UI design, and cybersecurity. As a team deeply rooted in both hardware and software, SafePal aims to resolve the current pain points hindering crypto custodian experience for the masses, and combine security, simplicity, and accessibility on a unified product. That is how SafePal came into being.
Advantageous Supply Chain
- Being based in Asia with close ties to Shenzhen (China’s hub for cryptocurrency), the team has a wealth of resources with leading tech giants like Tencent, Huawei, and Samsung. Shenzhen being the silicon valley of hardware and the global leader in electronic production, the ability of SafePal to source high quality components is unparalleled. With the huge competitive advantage in the industry, economy of scale, extremely fast concept to inception speed, SafePal is able to produce the highest quality product for a fraction of the cost compared to other competitors. With the support of our partners this value is given directly back to our customers which is why we offer the most valued priced crypto hardware wallet in the industry.
Introducing the SafePal (SFP) Token Sale With a New Binance Launchpad Subscription Format!
Binance is excited to announce the 18th project on Binance Launchpad - SafePal (SFP). The token sale for SafePal will follow a NEW Launchpad subscription format, with the recording of user BNB balances starting at 2021-02-02 0:00 AM (UTC).
Binance will record user BNB balances for 6 days from 2021-02-02 0:00 AM (UTC) to 2021-02-08 0:00 AM (UTC). The final BNB holding amount for each user will be determined as the average of the 6 days, using the Daily Average BNB Balance calculation previously announced
SFP Token Sale Details:
- Token Name: SafePal (SFP)
- Launchpad Hard Cap: 5,000,000 USD
- Hard Cap Per User: 20,000 USD (200,000 SFP)
- Total Token Supply: 500,000,000 SFP
- Total Tokens Allocated to Binance Launchpad: 50,000,000 SFP (10% of Total Token Supply)
- Public Sale Token Price: 1 SFP = 0.10 USD (price in BNB will be determined prior to subscription)
- Token Sale Format: Subscription
- Supported Sessions: BNB only
What is the new Launchpad Subscription Format?
The new subscription format allows BNB holders to commit an amount of BNB towards a token sale, where their final allocation of the new token is determined by the ratio of their committed BNB against the total committed BNB by all participating users. To ensure a fair allocation for all participants, we will be setting a max cap of token allocation per user.
How do I participate?
Your 6-day average BNB balance will be your maximum participation limit. During the subscription period, you can participate by committing BNB from your spot wallet towards the token sale.
Is there a limit to how much I can commit?
You can commit any amount of BNB up to your total 6-day average BNB balance. For example, if you have an average of 2,000 BNB over the 6 day calculation period, you may commit 2,000 BNB during the subscription period.
How is my final allocation calculated?
Once the subscription period is over, each user’s token allocation will be roughly calculated as follows: (Individual committed BNB / Total committed BNB by all participants) * Total SFP tokens to be sold. The final calculation is likely to deviate from this estimation due to the hard cap per user. Users will likely receive a slightly different final allocation than estimated using the formula above. For further information on the exact calculation details.
Subscription Timeline:
- Preparation Period 2021-02-02 0:00 AM (UTC) to 2021-02-08 0:00 AM (UTC): During this period, user BNB balances will be calculated in hourly snapshots for each day over a 6-day period. Your final average daily BNB balance over these 6 days will determine the maximum amount of BNB that you can commit later on.
- Subscription Period 2021-02-08 4:00 AM (UTC) to 2021-02-08 8:00 AM (UTC): Subscription will open at this time for all eligible users for a 4 hour period. Users must also sign the Token Purchase Agreement at the same time, prior to committing their BNB. Please note that once committed, your BNB will be locked and you will not be able to redeem or access any other functions such as transfers, withdrawals or trading until final token distribution.
- Calculation Period 2021-02-08 8:00 AM (UTC) to 2021-02-08 9:00 AM (UTC): Subscription closes and token allocation calculation begins.
- Final Token Distribution 2021-02-08 9:00 AM (UTC):
Your final token allocation will be calculated and the corresponding BNB will be deducted from your already-locked BNB amount. Once deducted, your SFP and BNB tokens will both be transferred to your spot wallet.
Please note that the subscription format will not be limited to Launchpad sessions going forward. We may use the subscription format for new listings, allowing users to purchase already-circulating tokens at a discount prior to the start of trading. As such, we may use average BNB balances calculated for a period prior to the time an announcement is made.
Introducing the SafePal (SFP) Token Sale With a New Binance Launchpad Subscription Format!
Binance is excited to announce the 18th project on Binance Launchpad - SafePal (SFP). The token sale for SafePal will follow a NEW Launchpad subscription format, with the recording of user BNB balances starting at 2021-02-02 0:00 AM (UTC).
Binance will record user BNB balances for 6 days from 2021-02-02 0:00 AM (UTC) to 2021-02-08 0:00 AM (UTC). The final BNB holding amount for each user will be determined as the average of the 6 days, using the Daily Average BNB Balance calculation previously announced here.
SFP Token Sale Details:
- Token Name: SafePal (SFP)
- Launchpad Hard Cap: 5,000,000 USD
- Hard Cap Per User: 20,000 USD (200,000 SFP)
- Total Token Supply: 500,000,000 SFP
- Total Tokens Allocated to Binance Launchpad: 50,000,000 SFP (10% of Total Token Supply)
- Public Sale Token Price: 1 SFP = 0.10 USD (price in BNB will be determined prior to subscription)
- Token Sale Format: Subscription
- Supported Sessions: BNB only
What is the new Launchpad Subscription Format?
The new subscription format allows BNB holders to commit an amount of BNB towards a token sale, where their final allocation of the new token is determined by the ratio of their committed BNB against the total committed BNB by all participating users. To ensure a fair allocation for all participants, we will be setting a max cap of token allocation per user.
How do I participate?
Your 6-day average BNB balance will be your maximum participation limit. During the subscription period, you can participate by committing BNB from your spot wallet towards the token sale.
Is there a limit to how much I can commit?
You can commit any amount of BNB up to your total 6-day average BNB balance. For example, if you have an average of 2,000 BNB over the 6 day calculation period, you may commit 2,000 BNB during the subscription period.
How is my final allocation calculated?
Once the subscription period is over, each user’s token allocation will be roughly calculated as follows: (Individual committed BNB / Total committed BNB by all participants) * Total SFP tokens to be sold. The final calculation is likely to deviate from this estimation due to the hard cap per user. Users will likely receive a slightly different final allocation than estimated using the formula above.
Subscription Timeline:
- Preparation Period 2021-02-02 0:00 AM (UTC) to 2021-02-08 0:00 AM (UTC): During this period, user BNB balances will be calculated in hourly snapshots for each day over a 6-day period. Your final average daily BNB balance over these 6 days will determine the maximum amount of BNB that you can commit later on.
- Subscription Period 2021-02-08 4:00 AM (UTC) to 2021-02-08 8:00 AM (UTC): Subscription will open at this time for all eligible users for a 4 hour period. Users must also sign the Token Purchase Agreement at the same time, prior to committing their BNB. Please note that once committed, your BNB will be locked and you will not be able to redeem or access any other functions such as transfers, withdrawals or trading until final token distribution.
- Calculation Period 2021-02-08 8:00 AM (UTC) to 2021-02-08 9:00 AM (UTC): Subscription closes and token allocation calculation begins.
- Final Token Distribution 2021-02-08 9:00 AM (UTC): Your final token allocation will be calculated and the corresponding BNB will be deducted from your already-locked BNB amount. Once deducted, your SFP and BNB tokens will both be transferred to your spot wallet.
Please note that the subscription format will not be limited to Launchpad sessions going forward. We may use the subscription format for new listings, allowing users to purchase already-circulating tokens at a discount prior to the start of trading. As such, we may use average BNB balances calculated for a period prior to the time an announcement is made.
How and Where to Buy SafePal?
SafePal has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy SafePal
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
After the deposit is confirmed you may then purchase SFP from the Binance exchange.
The top exchanges for trading in SafePal are currently Binance, VCC Exchange, MXC.COM, Gate.io, and JulSwap.
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once SFP gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
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