Benzinga - In a strategic move to stand tall among industry giants like Ledger and Trezor, Binance-backed SafePal has transitioned to an open-source platform, introducing a new Bluetooth hardware wallet, the X1.
What Happened: The company, which enjoys the backing of Binance Labs and Animoca Brands, serves over 10 million users globally.
The X1 wallet, priced at $69.99, is set to be the star at the Token2049 event at Marina Bay Sands, Singapore. The first 5,000 visitors to the SafePal booth will have the opportunity to get a free wallet.
SafePal's Journey and Vision SafePal CEO and co-founder Veronica Wong expressed the company's excitement over the open-source transition for its wallet suite, emphasizing its commitment to offering secure cold-storage solutions over the past five years.
In an interview with Benzinga during Token2049 in Singapore, Wong said, "We understand that Web3 wallets are an essential foundation for adoption, with security and transparency being imperative for the industry to grow."
"This has been a key driving force for us to keep building despite the bear markets, and the launch of the X1 and transition to open-source is a manifestation of our beliefs and efforts," she added.
The X1 is an addition to the S1 and S1 Pro, enhancing the SafePal hardware wallet series. Binance Labs' investment director, Nicola W., highlighted SafePal's continuous efforts to facilitate secure interactions with decentralized applications for a diverse user base.
Security and Transparency Before its release, the X1 underwent meticulous security audits conducted by Keylabs. The company addressed all significant findings to ensure maximum safety. SafePal has also gradually open-sourced crucial parts of the X1's code to foster transparency and build trust.
Also Read: Binance-Backed SafePal Wallet Unveils Fresh, New Branding Look And Exciting Extension Product
Animoca Brands' co-founder and executive chairman, Yat Siu, applauded SafePal's move towards open-source, anticipating it to be a more attractive gateway to Web3 adoption.
Features and Future Plans The X1 boasts features such as a self-erasing anti-tamper mechanism and a CC EAL5+ secure element, coupled with high-speed Bluetooth connectivity and a 12-button D-pad. The wallet aims to simplify the security of digital asset portfolios, a sentiment echoed by Jacob Ko, partner at Superscrypt.
SafePal plans to continue the open-source transition, focusing on firmware for the S1 line and the SafePal browser extension in Q4.
Global Initiatives and Collaborations SafePal recently collaborated with the Klaytn Foundation to launch a limited-edition phygital co-branded hardware wallet. The wallet suite, which supports over 100 blockchains, has also incorporated new networks like Base, Mantle and Linea.
Established in 2018, SafePal offers a comprehensive crypto wallet suite, including hardware wallet, mobile app, and browser extension solutions.
Photo: SafePal
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