Binance Announces SafePal (SFP) Token Sale on the Binance Launchpad Platform

Binance announces SafePal (SFP) token sale

Binance has announced that SafePal (SFP) will be the next token to launch on the Binance Launchpad platform. SFP is a token created by hardware cryptocurrency wallet company SafePal. The project is looking to raise a total of $5 million by selling 50 million SFP tokens (10% of the total supply).

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SafePal’s main product is the SafePal S1, a hardware wallet that supports 19 different blockchains and over 10,000 tokens. The company also offers the SafePal Cypher, which is a physical cryptocurrency wallet backup solution that keeps a seed phrase safe from the elements. Beyond the hardware world, SafePal also offers a mobile app that enables users to manage, swap and trade their crypto assets.

The SFP token operates on the Binance Smart Chain blockchain platform and provides benefits within the SafePal ecosystem to token holders. By holding SFP, holders can enjoy discounts on purchasing SafePal’s products and swap and trade services. In addition, the token also provides holders access to exclusive campaigns launched by SafePal, and gives them the opportunity to boost their rewards from the SafePal Earn programs. 

SFP also has a governance component – holders can submit new proposals for how the SFP Treasury fund should allocate its resources. Through this governance process, holders can also have their say in the SafePal ecosystem more broadly, for example by proposing new blockchain platforms to be supported by the SafePal wallet.

How to invest in SafePal (SFP) on Binance?

As with other Binance Launchpad token sales, the SFP token sale can only be accessed by holders of Binance’s BNB token. Binance will be recording users’ BNB balances for a six-day period starting with February 2. For more information on how you can participate in the SFP token sale on Binance Launchpad, you can check out the following article:

How to invest in the SafePal (SFP) token sale on Binance?

The SFP token sale on Binance Launchpad will be following a new format for determining who can participate and how many tokens they can buy. Users’ final allocation will be determined by comparing the BNB they committed to the total amount of BNB committed:

"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."

However, a limit of how many tokens an individual user can buy will also be set in place. If you need more information on the process, more details can be found in Binance’s official announcement for the token sale.