Korea/Singapore — May 9, 2023 — SafePal, a comprehensive noncustodial crypto wallet suite, has integrated Klaytn, a global layer-1 blockchain platform, supporting its native assets and established decentralized applications (DApps) as part of expansion plans into South Korea.
The move comes strategically for the wallet firm after growing from 8 million to over 10 million users this year. Offering hardware and software wallets in addition to browser wallet extensions, with integrations for over 100 blockchain networks, 200,000+ tokens and nonfungible tokens (NFTs), this will be the first big foray for SafePal into the Korean market, as the wallet suite seeks to add distribution channels for Korea to the 200 regions and countries it currently supports.
Veronica Wong, CEO and co-founder of SafePal, said:
“While the self-custody offered by Web3 and DeFi is increasingly important amidst growing concerns about traditional financial systems, adoption is still hindered by language and geographical barriers. Klaytn is a leading blockchain in Korea for Web3 and DeFi, so this partnership made perfect sense, as we want users to access exciting opportunities in all established ecosystems globally.”
To facilitate this initiative, SafePal will also be looking to integrate established Klaytn DApps such as KLAYswap, DeFi Kingdoms, Pala, Kleva and Swapscanner for users to access diverse Web3 verticals.
SafePal will also be potentially looking to add Korean to the 15 languages it currently supports to fully empower users to manage native tokens and assets on the Klaytn network seamlessly across SafePal’s wallet suite and other supported networks.
Sam Seo, representative director of the Klaytn Foundation, said:
“As a full multichain crypto wallet suite with streamlined UX and flexible access via their mobile, web and hardware wallet, SafePal integration will give their 10 million Web3 users worldwide a seamless way to experience and participate in the vibrant Klaytn ecosystem.”
Giving users access to polished self-custodial wallet solutions that minimize barriers to entry into the Klaytn ecosystem is one of the key priorities of the Klaytn Foundation. To enable Klaytn’s transformation into the public foundational layer for tomorrow’s decentralized on-chain world, the layer 1 will be undergoing radical changes and improvements over the year, including a tokenomics overhaul, implementation of on-chain decentralized governance and a transition to a permissionless structure.
The Klaytn integration comes with the latest version update for SafePal. The update also includes support for custom remote procedure call networks, layer 1s, such as Osmosis and Sui, improved staking and on- and off-ramp features for the wallet suite, to further bolster utility and cross-chain interoperability.
Other plans for the year for SafePal include the addition of social recovery and other safety features, along with continued efforts toward the open-sourcing of its solutions to bring security, transparency and user experience to even greater heights.
SafePal is a comprehensive crypto wallet suite providing hardware wallet, mobile app and browser extension wallet solutions. As a noncustodial wallet suite, SafePal aims to allow users to own their crypto adventure by empowering them to access opportunities securely in the decentralized world.
The SafePal platform serves over 10 million users across the globe and supports 15 languages, and 100+ blockchains with their tokens and NFTs. It also encompasses crypto asset management solutions like cross-chain swapping, trading and yielding tools for users.
SFP is a decentralized BEP-20 utility token and the growth engine of the SafePal ecosystem and can be used to purchase SafePal products at a discount, converted seamlessly to gas across chains in the app, in addition to rewarding tokenholders and education programs.
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The Klaytn Foundation was established in 2020 to expand the ecosystem of Klaytn, a global layer-1 blockchain platform, and has since been actively collaborating with its Governance Council members worldwide.
The Klaytn Foundation facilitates the adoption and development of new technologies to ensure that Klaytn fulfills its role as an open, trusted and sustainable blockchain platform for developers and users alike. It also facilitates decision-making to ensure that the ecosystem continues to expand optimally in the rapidly changing blockchain landscape.
In line with its long-term Governance Roadmap, the Klaytn Foundation plans to fully implement the Decentralization Phase of the Klaytn blockchain in 2023 and beyond.
Cheong Cheng Jie (CJ)