The collapse of the FTX cryptocurrency exchange appears to have led to a surge in sales of cryptocurrency wallets that give users direct ownership of their coins.
SafePal, a Binance-backed crypto wallet brand, has seen a tenfold increase in traffic to its platform since November 11, and its hardware wallet has seen record sales at the time.
- SafePal has surpassed over 7 million users in the past six months, with significant increases in November.
- In a statement shared with CryptoPotato, SafePal CEO Veronica linked its increased traffic to FTX traffic. bankruptcy.
- “The recent FTX case has taught the industry an important lesson about decentralization and transparency,” she said. “As more people realize the importance of having full control of their assets, SafePal will become one of the web3’s great gateways to the cryptocurrency masses.”
- FTX is suspected of mishandling clients’ assets by lending them without the user’s permission, instead of consistently supporting deposits 1:1.
- This eventually led to its bankruptcy, when the bank’s “running” left it unable to meet overwhelming customer demand for withdrawals.
- At that time, Binance saw almost equal net inflows to FTX, and was probably considered the most reliable company by ex-FTX users. The exchange’s CEO, Changpeng Zhao, allegedly caused the collapse of FTX earlier this month with tweets that cast doubt on the company.
- Binance has since promised to implement it Evidence of reserves on the exchange to ensure that their assets are always safe.
- However, Crypto Twitter has been vocal in encouraging traders and investors to use self-care this month, to protect themselves from losing money in the future for CCPs.
- Trezor, a popular provider of hardware wallets for digital assets, reported a 300% increase in sales in the days after FTX confirmed its bankruptcy.
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