Cryptocurrency hardware wallet Safepal, which claims to be “the first hardware wallet invested and backed by Binance,” integrated Dash support, expanding options for Dash customers to store their funds with heightened security.
[tweet https://twitter.com/iSafePal/status/1172132778063933440 align=’left’] The hardware wallet announced last week the addition of Dash, joining the current lineup of BTC, ETH, BNB, LTC, BCH, and 1000+ ERC20 tokens. Notably, SafePal provides a discounted storage option for cryptocurrency users with a regular price of $59.99 USD and a current sale price of $39.99, a lower entry point than typical costs by competing hardware wallets such as Ledger and Trezor.
SafePal notably includes “EAL 5+ financial grade crypto chip, to solely protect your private key”, “100% offline [to] prevent any risks from USB, bluetooth, WiFi, NFC or other radio frequencies”, and “[m]ulti-layer security schemes embedded with self-destroy and key-erasing mechanism, protecting your asset from any hacking cases”. The hardware wallet also features a 1.3″ screen to allow users to easily view their assets.
The growing necessity of consumer fund security
Safely storing currency is a relatively foreign concept to most consumers since most currently use bank accounts, and as such assume that the bank is safely in possession of their funds. Individuals new to cryptocurrency must learn to maintain full ownership of their cryptocurrency by controlling their private keys. Education efforts are necessary to prevent consumers losing money. Hardware wallets provide a relatively easy form of giving higher-level security for average users without sacrificing usability or requiring advanced skills or competencies.
The inherent risk of fiat systems highlighted by several high-profile breaches
The need for advanced cryptocurrency security and consumers retaining control over their own funds, such as by using a hardware wallet, is further highlighted by several major breaches affecting traditional payments systems. Capital One banking and credit platform experienced a hack compromising 100 million customers’ data this year. Similarly, British Airways experienced a major breach this year as well, resulting in a $230 million fine. This growing list of incidents highlights the inherent risks of using credit cards for payments, where the ability to initiate payment is given to the merchant, who may then lose that access in a hack.
While much less vulnerable to similar honeypot-style attacks, cryptocurrency is nonetheless not as secure when stored on public platforms such as exchanges. Binance experienced a significant hack earlier this year, sparking discussion of rolling back the Bitcoin blockchain through a miner intervention to reverse the hack. Decentralized exchanges, such as the recently-released Komodo AtomicDEX, may help to mitigate these situations.