Due to the digital nature of crypto assets – as well as the technological astuteness of criminals who would steal them – it isn’t very wise to store all one’s crypto in an internet-connected device. It, almost, goes without saying that any crypto investor/trader ought to have a hardware wallet to ensure the safekeeping of one’s digital wealth.
Since the mobile device is – almost by default – the primary device that most digital asset enthusiasts use to store and transact their crypto holdings, one would likely need a secure storage option that operates in tandem with a mobile. SafePal offers one such hardware wallet, in it’s SafePal S1 offline digital asset storage device.
Then Shenzhen, a China-headquartered firm launched their first product – the SafePal S1 – in January of 2019. The fledgling firm is backed by the world’s most successful digital assets exchange platform, Binance’s venture wing, Binance Labs, which may offer – at least for a good number of crypto enthusiasts – some degree of trust in the company’s product.
SafePal’s sleek and fun-sized initial offering, the S1 comes packing a 1.3 Inch IPS screen, and a few physical buttons. This bad boy offers storage of assets native to 19 blockchains and can store a whopping 10,000+ crypto assets. It even offers storage of NFTs.
The SafePal S1 – as a result of the Binance Labs backing – also supports Binance Chain, and Binance SmartChain (BSC) tokens, offering a secure offline wallet for Binance blockchain assets. The crypto storage product even has it’s own native BSC-based digital asset, SafePal Token (SFP) which holds utility functionality with the SafePal ecosystem. The are 500 million (hard capped) SFP tokens in circulation.
SafePal Token holders can use the digital asset to pay for the transaction – and other – fees within the SafePal ecosystem. Individuals who invest in SFP can even derive the additional benefit of reaping rewards from staking the asset, in addition to being first in line for bonuses and airdrops. The SFP utility asset goes as far as having governance token functionality, allowing holders to vote on, or submit, proposals geared towards ionroving the SafePal ecosystem.
The little device also offers financial-industry level encryption at an inviting price point. Usually going for $59.99, the SafePal S1 can – currently – be acquired for the promotional price of $39.99. The device can either be purchased through Amazon, or directly from SafePal. For an extra $10 one could even make off with a protective leather case – with velvet interior, to protect the device’s speak glossy finish – which doubles as a card holder (for that sophisticated vibe.)
On the security front, the device comes packing some serious heat. As mentioned above, the SafePal S1 comes equipped with a financial industry-level – claimed to be hack-proof – EAL5 encryption chip. The EAL5 chip stores private keys and comes with self-destruct function, should someone gain unauthorized access to the device.
The SafePal S1 provides the user with 12 or 24 phrase encryption keys. These should be written down and stored in a safe place. Every transaction to, and from, the S1 to the SafePal mobile app is designed to be signed through a QR code-based 2-factor authentication system. The system requires no internet connection, Bluetooth, or NFC, and is completely offline – reducing the risk of transactions being intercepted over the air.
First impressions? The SafePal S1 is an incredibly aesthetically pleasing device. The sleek gloss finish of the front cover really complements the decently sized screen. The screen is also large enough to read.
The first step to getting your device setting is selecting a language (either English or a host of Asian languages at this point,) then pressing the OK button. Then one has to create a wallet by generating a mnemonic phrase. The private key can either be 12, or 24, phrases in total -/as the user chooses.
The S1 then offers up a quick read on mnemonic phrases, their uses, and a few warnings regarding the encryption technology. Getting through this helpful feature takes one to the mnemonic phrase. Which should be written down in the provided note, and stored safely.
After verifying the private key, one can move on to the next phase of the set up process, which is to create a PIN. The difficulty with which one sets up their six-digit PIN depends entirely on the size of their fingers. Either way, it’s minor inconvenience on the way to the ultimate goal of securely storing one’s crypto.
Once that is done, one gets to name the wallet, and download the SafePal mobile app to their mobile. Signing, and confirming, transactions that go between the S1 and one’s mobile will require a QR-based 2FA process, which operates completely offline.
The SafePal S1 is simple and straightforward to set up, and use, the accompanying mobile app also offers no trouble. It offers great securety, while being speak and stylish. The device’s price is also a great plus.